The prosecutors of the United States government overseeing the criminal case of Do Kwon have estimated that the co-founder of Terraform Labs could potentially have over a million victims worldwide following the collapse of the ecosystem.
In a presentation on January 6 in the United States District Court for the Southern District of New York, acting U.S. Attorney Daniel Gitner notified the court of the procedures to inform Kwon's victims of their rights in his criminal case.
According to the U.S. Attorney, the government would establish a website regarding the public procedures in Kwon's case, as other methods to grant rights to the victims were deemed "impracticable."
"While it is difficult to accurately quantify the number of Kwon's victims, given the volume of purchases and sales of Terraform's cryptocurrencies and the nature of those transactions (with many transactions of those assets occurring on foreign exchanges and through digital wallets or cryptocurrency trading accounts without personally identifiable information), the government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and potentially totals over a million," Gitner said.
In a presentation on January 6 in the United States District Court for the Southern District of New York, acting U.S. Attorney Daniel Gitner notified the court of the procedures to inform Kwon's victims of their rights in his criminal case.
According to the U.S. Attorney, the government would establish a website regarding the public procedures in Kwon's case, as other methods to grant rights to the victims were deemed "impracticable."
"While it is difficult to accurately quantify the number of Kwon's victims, given the volume of purchases and sales of Terraform's cryptocurrencies and the nature of those transactions (with many transactions of those assets occurring on foreign exchanges and through digital wallets or cryptocurrency trading accounts without personally identifiable information), the government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and potentially totals over a million," Gitner said.