On January 7, news reported by Cointelegraph stated that prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimated that after the collapse of the Terra ecosystem, Kwon may have caused over one million victims worldwide. On January 6, acting U.S. Attorney Daniel Gitner submitted documents to the U.S. Federal Court for the Southern District of New York, notifying the court about the procedures for informing Kwon's victims of their rights in the criminal case. According to the U.S. Attorney, the government will establish a public website regarding the Kwon case procedures, as other methods of providing rights protections for victims are deemed "unrealistic."
Gitner stated: "Given the massive volume of transactions involving Terraform cryptocurrency and the manner in which these transactions were conducted (many of which occurred on foreign exchanges through digital asset wallets or cryptocurrency trading accounts without personal identification information), while it is difficult to accurately 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."