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March 7, 2023 50 mins

This week we delve into terraUSD’s winners, its losers and the rules of the whole twisted game.

"Crypto Crooks" is sponsored by Chainalysis.

TerraUSD and its so-called “ecosystem” were always a game – one only some investors realized they were playing. 

As we fall deeper into the death spiral, we look at the retail investors who were indisputable victims of Do Kwon’s scheme. Many of them lost life savings and even, ultimately, their lives, in the wave of suicides which followed the depeg. We also look at the more complicated role of financial professionals in propping up Do Kwon’s empire, many of whom got out of the racket millions of dollars richer than when they’d gone in. 

After this, two more episodes to come – plus a bonus fifth on the bombshell revelations of a new SEC investment suit against Do Kwon and Terraform labs.


Episode transcripts are available at


Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, web3 companies, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit


“Crypto Crooks” is a CoinDesk Podcast Production. The executive producer is Jared Schwartz, with additional production by Eleanor Pahl, Nora Battelle, Jonas Huck, and Moon Beast. Fact-checking is by Amber Von Schassen, and sound design and music are by Altus Noumena. This show is written and voiced by David Z. Morris.

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