The 37-year-old South Korean and his company Terraform Labs described their cryptocurrency TerraUSD as a reliable so-called "stablecoin" - a type of currency that is supposed to maintain a stable exchange rate against the dollar to avoid drastic price fluctuations.
But according to the prosecution, this was just a facade, which led to a “wave of crises sweeping through crypto markets” when TerraUSD collapsed along with its sister currency Luna in the spring of 2022.
Do Kwon was arrested in Montenegro in March 2023 while trying to board a plane with false travel documents and was extradited to the United States in December last year.
