DeFi democratizes access to financial products by allowing two parties to conduct financial transactions via smart contracts without a third party intermediary (e.g. a bank)

DeFi exploded on the scene, growing from $0 to $250B in deposits in just two years1

DeFi was projected to expand at an annual growth rate of 42.5% from 2022 to 20302

Stablecoins offer the advantages of crypto while offering the stability of fiat money

Stablecoins are a large and critical part of the crypto ecosystem

A blockchain platform that powered a network of decentralized stablecoins

Founded by Do Kwon, a former Stanford University computer science graduate

The Terra Luna network had a market cap of $60B with a thriving ecosystem

The suite of applications offers low fees, instant settlement, and efficient exchange

In April 2022, the Terra Luna network total market cap exceeded $60B

At the time, UST was the 3rd largest stablecoin with $18B market cap

There were only 7 stablecoins with over $1B in market cap

In August 2018, Terra partnered with 15 e-commerce companies in Asia that totaled $25B in transaction volume and 40M customers to offer UST as a payment option

In June 2019, Terra partnered with Chai, a Korean based mobile payment app, which had facilitated over 2.7M transactions to its 500K users over the Terra blockchain

In February 2022, Terra announced a five-year $40M partnership with the Washington Nationals baseball team with the Nationals planning to accept UST as a payment option

Anchor was marketed as a "principal protected savings account" on the Terra Blockchain

Offered a floating interest rate based on supply / demand – was 19.5% in March '22

Total value locked on Anchor Protocol peaked at over $14 billion in April '22

UST depegged from $1 in the past but returned to the peg each time

The size of the Terra Luna Network platform exceeded $60B+

The size of the UST stablecoin exceeded $18B+

The size of the Anchor protocol exceeded $14B+ in deposits

Partnership with 15 Asian e-commerce companies

Partnership with Korean based mobile payment app Chai

Partnership with the Washington Nationals baseball team

Resilient and battle tested algorithmic stablecoin mechanism

"Terraform and Kwon disseminated false statements about Chai in investor presentations, press releases, blogs, public and private chat forums, social media accounts, and interviews."

"UST did not automatically “self-correct.” Rather, Terraform and Kwon manually propped up UST to make it appear as if it had re-pegged on its own. Id. ¶ 118, 154, 162."

“KWON agreed with others to defraud individuals … by deceiving those individuals about aspects of the Terra blockchain, including its technology and the extent to which it had been adopted by users. ¶ 1"

"KWON “deceiv[ed] those purchasers about the effectiveness of the algorithmic mechanism that purportedly ensured the stability of UST’s (TerraUSD) price through false statements and market manipulation.” ¶ 9"

Nevin was in the wrong and blames only himself.

Nevin made a terrible investment and lost money for those he cared about.

Nevin should have never mixed his corporate job with his startup venture.

Nevin is dedicated to making amends to all those that were impacted for the rest of his life.