Terraform Labs

Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs’ founders have encountered legal problems as a result of the devaluation of the company’s currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon’s arrest. He was also added to Interpol’s Red Notice list, which urges other law enforcement to find and detain him.