Wanted Crypto Boss Do Kwon's Terraform Files For US Bankruptcy

Do Kwon (C) was arrested in Montenegro in 2023 and is wanted in South Korea and the United States over the collapse of Terraform's cryptocurrencies (Credit: AFP)

South Korean entrepreneur Do Kwon's Terraform Labs, whose cryptocurrencies crashed dramatically in 2022, is seeking bankruptcy protection in the United States, according to court documents filed Sunday.

The collapse of the Singapore-based firm's TerraUSD and Luna wiped out around $40 billion in investments and caused wider losses in the global crypto market estimated at more than $400 billion.