1194 days after the crash, the $40 billion stablecoin pioneer has fallen
Do Kwon's life trajectory is like a parabola, rapidly rising and then rapidly falling, ultimately shattering into pieces.
On August 12, 2025, in a federal court in Manhattan, New York, Do Kwon, dressed in a yellow prison uniform, slowly stood up.
Years of fleeing and imprisonment had made his once plump cheeks much thinner, and his hairstyle had become the uniform buzz cut of prisoners. Those eyes that once sparkled in front of the camera now only showed fatigue.
This 33-year-old South Korean man, once a darling of the crypto world, is now the central figure in the largest financial fraud case in history.
In the courtroom sketch, Do Kwon bowed his head, gripping his hands tightly. He pleaded guilty, saying, "In 2021, I made false and misleading statements regarding the re-pegging of TerraUSD. What I did was wrong, and I want to apologize for my actions."
Now, he faces long-term imprisonment and hefty fines, but for the hundreds of thousands of investors who lost $40 billion because of him, this is far from enough.
Time is the cruelest judge; it not only changed Do Kwon's appearance but also completely destroyed everything he once had.
Prosecutor Damian Williams stated outside the court that this guilty plea is "an important milestone in
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