Prosecutors in the case against Do Kwon, co-founder of Terraform Labs, estimate that the collapse of the ecosystem could have affected over one million victims worldwide. In a court filing on January 6, Acting US Attorney Daniel Gitner indicated that while it's challenging to determine the exact number of victims due to the nature of cryptocurrency transactions, the estimates range from hundreds of thousands to potentially more than a million. Kwon, who was extradited from Montenegro and pleaded not guilty to nine felony charges of fraud, is now in US custody. The government plans to establish a website to inform victims of their rights concerning the criminal proceedings. The collapse of Terraform's ecosystem in 2022 is believed to have significantly impacted the crypto market, contributing to numerous bankruptcies. Kwon faces legal challenges similar to those of other notable crypto executives. A US judge previously ruled that Kwon and Terraform owed approximately $4.5 billion in a civil fraud case brought by the US Securities and Exchange Commission.

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