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Do Kwon

Cofounder, Terraform Labs

Search every verified Do Kwon interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Do Kwon, cofounder of Terraform Labs, pleaded not guilty in a Montenegro court in September 2023 to charges of using forged passports from Belgium and Costa Rica, according to Bloomberg News. His defense lawyer proposed releasing him on bail of 400,000 euros, but the prosecutor objected, arguing Kwon and former CFO Han Chang-jun had financial means and no interest in remaining in Montenegro. Kwon had been arrested in Montenegro in March 2023 after South Korea issued an arrest warrant for him in September 2022. The U.S. Securities and Exchange Commission (SEC) charged Terraform Labs and Kwon in February 2023 with defrauding investors, alleging they promoted their crypto by claiming the tokens would increase in value and that Kwon secretly arranged for a third party to purchase massive amounts of TerraUSD (UST) to restore its dollar peg in May 2021, while publicly touting the restoration as a triumph of decentralization. In interviews following the collapse of the Terra ecosystem, Kwon has characterized the event as a "massive market failure" rather than fraud, stating that he believed in the stability of UST and that his statements led users without the tools to understand the complex economic mechanisms to gain confidence in a system that ultimately failed. He has said he went into a "state of shock" when the collapse began and that he tried to help community members find jobs and funding. Kwon has maintained that the Luna Foundation Guard only held 313 Bitcoin and has denied allegations of being on the run, though he has not disclosed his location. He has stated he plans to continue building in crypto, saying, "I am but 31, and I would still love to contribute."

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