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The TerraUSD stablecoin collapse case is a landmark algorithmic stablecoin fraud event in the cryptocurrency space.

Terraform Labs founder Do Kwon launched TerraUSD, an algorithmic stablecoin without physical collateral, relying on a linked algorithm with the platform token Luna to maintain a 1-dollar peg.

When TerraUSD is above 1 dollar, users can exchange it for Luna to profit, while if it's below 1 dollar, they can destroy TerraUSD to exchange for Luna, theoretically stabilizing the price. In May 2021, it first lost its peg, and it was only through secret intervention by trading firm Jump Trading that the price was restored; this critical information was deliberately concealed by Do Kwon's team, which continued to promote its stability.

In May 2022, shaken market confidence triggered a massive sell-off of TerraUSD, causing its price to quickly fall below the 1-dollar peg and plummet to 0.044 dollars. To stabilize the market, a large amount of TerraUSD was destroyed in exchange for Luna, leading to a supply explosion of Luna exceeding trillions, with its price crashing from 80 dollars to 0.000001 dollars, nearly reaching zero in just five days.

During this period, Do Kwon attempted to borrow 2 billion dollars to stabilize the market but ultimately failed, further intensifying market panic.

This collapse resulted in approximately 40 billion dollars in asset evaporation for global investors, with around 200,000 victims in South Korea alone. There were tragic incidents of investors committing suicide due to heavy losses, and searches for suicides on the Mapo Bridge surged dramatically. At the same time, this incident triggered a chain reaction, not only causing Bitcoin to drop to 16,000 dollars but also indirectly leading to the subsequent bankruptcy of the FTX exchange, with multiple crypto lending and trading firms collapsing in succession, directly ushering in a crypto winter for the industry.

After the collapse, Do Kwon fled and was arrested in March 2023 for using a forged passport at an airport in Montenegro, subsequently being handed over to the U.S. judicial system. In August 2025, he admitted to multiple charges including wire fraud and securities fraud, attempting to negotiate a plea deal for a lighter sentence. On December 11 of the same year, a U.S. federal court ultimately sentenced him to 15 years in prison, a ruling also seen as a clear statement from U.S. regulators on addressing fraud in the cryptocurrency industry.

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Scammers often disguise themselves as seasoned U.S. stock market bloggers, posting professional content such as options tutorials and analyses of prominent holdings on platforms like Xiaohongshu to attract attention. When someone inquires, they guide them to join a communication group and may ask investors to upload screenshots of their U.S. stock holdings to "screen members," actually using this to gauge the investors' capital size and target those with an investment foundation who are easily exploited. Subsequently, they direct users to private conversations or group chats on Telegram and other platforms that are more suitable for real-time communication.

Scammers will arrange for dedicated personnel to provide pre-market and post-market analyses, and will have group members share profit screenshots to create an atmosphere of success. At the same time, the scammers will engage investors in one-on-one conversations about life and investment views to build rapport. A key step is to use small positions in U.S. stocks to allow investors to genuinely earn small amounts of money. The purpose of this step is to break down the investors' guard and make them completely trust the scammers' investment abilities.

Once trust is established, scammers will casually belittle U.S. stock options while praising the flexibility and high returns of cryptocurrency options. They then recommend legitimate wallets like Robinhood Wallet for users to download; these compliant tools available on official app stores will further alleviate investors' concerns. They will then smoothly recommend unofficial cryptocurrency options platforms they collaborate with, claiming that investors must link their legitimate wallets to these platforms to trade.

Most investors will tentatively transfer small amounts of money, at which point the scammers will allow small withdrawals to be successful, and even enable investors to quickly profit and smoothly withdraw part of their earnings in subsequent trades. Some users have transferred $5000 and found that attempts to withdraw tens to hundreds of dollars were successful, completely dismantling their previous caution. If investors question the platform during this period, the scammers will fabricate excuses to cover up.

Once investors relax their vigilance, scammers will manipulate the trading rhythm, encouraging investors to participate in ultra-short-term trades and other high-frequency delivery transactions, while also requiring investors to take real-time screenshots of their trading situations. They initially let investors quickly earn small profits to stimulate their emotions, then deliberately cause losses in U.S. stocks to highlight the "advantages" of cryptocurrency options. When investors, blinded by profits, increase their investments, the scammers will reveal their true intentions—either the platform will not allow withdrawals, or they will require a margin payment under the pretext of unusual trading, or even directly render the platform page invalid and cancel contact information, resulting in the investors losing all their large funds.