US Prosecutors Estimate That the Collapse of Terra - LUNA Could Affect Over 1 Million People

US prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that over a million individuals may have been affected by the collapse of the ecosystem. American lawyer Daniel Gitner declares that the government will establish a website to help inform victims of their rights, while calling other notification methods "impracticable". The US government likes to use a website to communicate with the victims of the Terra case The US government estimates that the number of victims affected by the collapse of the Terra ecosystem is over 1 million people. US attorney Daniel Gitner has filed a motion with the US District Court in the Southern District of New York on January 6, describing the notification procedures for potential victims of Do Kwon's public litigation procedures. US lawyers declare that the government will establish a website to notify victims of their rights, labeling other traditional methods as "impractical" due to the decentralized nature of cryptocurrency transactions, often lacking personal identification information. Terra collapsed in May 2022 and Do Kwon was charged with nine counts of fraud. In May 2022, Terra, once the third largest cryptocurrency after Bitcoin and Ether, collapsed and lost $50 billion in value in just 72 hours. When founder Do Kwon launched Terra, he declared that he wanted to build a better ecosystem than Bitcoin and Ethereum. He also said that he needed a stable currency to compete directly with fiat currencies. Unfortunately, his entire project lacked transparency. According to the US Department of Justice, Kwon deceived investors by falsely claiming about the company's blockchain products and manipulating their market to create an illusion of a functioning and decentralized financial system. Earlier this year, Kwon was extradited from Montenegro to the United States, where he now faces nine charges of fraud. On January 2nd, he appeared in court before a U.S. judge for the first time and pleaded not guilty. However, the government has not clarified whether they will pursue a plea agreement with Terraform co-founder or proceed with a full criminal trial. Regarding fraudulent behavior, Kwon had to pay a settlement of $4.5 billion to the U.S. Securities and Exchange Commission in April 2024. DYOR! #Write2Earn #Write&Earn $BTC {spot}(BTCUSDT)