Terraform Labs
CryptoSingapore
💀 Dead / Bankrupt
Peak $1 BillionToday
~-100%
from peak
- 🦄Became a unicorn~2021
- 📈Peak valuation$1 Billion ’22
- 💔Became a UnitardMay 2022
- 💸Last valuationWiped out
🔥 Raised & burned
$207M
Total raised
$146K/day
Burned · 3.9y alive
Funding: PitchBook/press
Current status
Collapsed 2022; wound down 2024; fraud
How it happened
Terraform Labs created the Terra blockchain and its algorithmic stablecoin TerraUSD (UST) along with the LUNA token, briefly reaching a multi-billion-dollar ecosystem. In May 2022 UST lost its dollar peg and LUNA collapsed to near zero, erasing tens of billions in value. Founder Do Kwon pleaded guilty to fraud and was sentenced to 15 years in prison in 2025; the company wound down in 2024.
Source: DOJ SDNY; Do Kwon pleaded guilty, sentenced 15 yrs (2025)
