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Jay Clayton

Jay Clayton

U.S. Attorney for the Southern District of New York

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Do Kwon’s fall: from algorithmic stablecoin visionary to 15-year inmate

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Led the federal criminal case against Do Kwon and Terraform Labs.

Do Kwon sold TerraUSD as math-made money that could never break. In 2022 it snapped, vaporizing more than $40 billion and triggering a global hunt for the Stanford‑trained founder. Three years, an Interpol red notice, and a Montenegro arrest later, a New York judge has now handed him 15 years in federal prison.

Updated Dec 11, 2025