TechFlow reported on January 7, citing Cointelegraph, that prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate he may have caused over one million victims globally following the collapse of the Terra ecosystem. On January 6, Acting U.S. Attorney Daniel Gitner for the Southern District of New York filed documents with the court notifying about procedures to inform victims of their rights in Kwon's criminal case. According to the U.S. Attorney’s Office, the government will establish a public website regarding proceedings in the Kwon case, as other methods of ensuring victim rights were deemed "impractical."
Gitner stated: "Given the vast volume of transactions involving Terraform cryptocurrencies and the manner in which these transactions occurred—many taking place on foreign exchanges through digital asset wallets or cryptocurrency trading accounts without personal identifying information—it is difficult to precisely quantify the number of victims. Nevertheless, the government estimates that the number of individual and entity victims exceeds several hundred thousand and could total more than one million."
Previous report, Do Kwon's legal team said they are currently not seeking bail, with a court appearance expected again on January 8.
