Court Documents Show Over 1 Million Victims in the Do Kwon Case

BlockBeats News, January 7th, according to Cointelegraph's report, the U.S. government prosecutor in charge of overseeing Terraform Labs co-founder Do Kwon's criminal case estimated that Do Kwon may have affected over one million victims globally following the collapse of the Terra ecosystem. On January 6th, Assistant U.S. Attorney Daniel Gitner in the Southern District of New York federal court notified the victims of Kwon about the procedures to inform them of their rights in the criminal case in documents submitted to the court. According to the U.S. prosecutor, the government will establish a website for a public proceeding about Kwon's case as other methods of providing rights protection to victims are "impractical."

Gitner stated: "Given the massive volume of transactions involving Terraform cryptocurrency and the manner in which these transactions occurred (many of which were through digital asset wallets or cryptocurrency exchange accounts on foreign exchanges without personal identifying information), although it is difficult to precisely quantify the number of Kwon's victims, the government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and may total over one million."

In a previous update, Do Kwon's lawyer stated that bail is not currently being sought, and it is expected that he will appear in court again on January 8th.