Terraform Labs
CryptoSingapore
New to Unitard
π Dead / Bankrupt
PeakΒ $1 BillionToday
~-100%
from peak
- π¦Became a unicorn~2021
- πPeak valuation$1 Billion β22
- πBecame a UnitardMay 2022
- πΈLast valuationWiped out
π₯ Raised & burned
$207M
Total raised
$146K/day
Burned Β· 3.9y alive
Funding: PitchBook/press
Current status
Collapsed 2022; wound down 2024; fraud
The rise & fall
9 moments Β· 2018β2025The key moments.
2018
2018
Founded by Do Kwon and Daniel Shin
The Terra blockchain promises an algorithmic stablecoin, TerraUSD, that holds its dollar peg by code instead of reserves.
Wikipedia
2021
2021
Joins the unicorn club
Backers pour ~$207M into Terraform as the Terra ecosystem takes off.
PitchBook
Apr 2022
Apr 2022
The peak: a top-ten token, a $1B company$1B
LUNA trades near its all-time high and UST swells into one of the largest stablecoins; the company itself is valued around $1B atop a multi-billion-dollar ecosystem.
CoinDesk
May 2022
May 2022
UST breaks the buck
In a single May week the peg unravels; LUNA hyperinflates from double digits to fractions of a cent.
CoinDesk
May 2022
May 2022
LUNA to zero β joins the Unitard Club π
Tens of billions in value are erased within days; the self-stabilizing dollar is worthless.
Reuters
Mar 2023
Mar 2023
Do Kwon arrested in Montenegro
Caught at Podgorica airport traveling on falsified documents after months on the run.
Reuters
2024
2024
Terraform winds down
Terraform files for Chapter 11 in January 2024; after a US jury finds the company liable for civil fraud, it settles with the SEC and agrees to wind down and dissolve.
Court filing
2025
2025
Do Kwon: guilty plea, 15 years
The founder pleads guilty to fraud and is sentenced to 15 years in prison.
DOJ
$1Bof peak value erased Β· 4 years
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)
Where they went
- Do Kwonco-founder & CEONot on record
- Daniel Shinco-founder (left 2020)Founder & CEO at PortOne Global
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
