The devastating crash of Terraform Labs has been at the center of controversy in the crypto industry since May 2022, and the recent arrest of the firm’s co-founder and CEO, Do Hyeong Kwon, in Montenegro has caused investors to rejoice and demand justice for their losses.

Kwon has been accused of embezzling billions of dollars by offering and selling crypto asset securities in unregistered transactions. After the devastating crash of Terraform Labs’ (TFL) worth over $40 billion, South Korea requested Interpol to find and apprehend Kwon. He has been charged with securities fraud, wire fraud, commodities fraud, and conspiracy by the US Securities and Exchange Commission (SEC).

On the other hand, South Korea and the US have officially requested his extradition, while Montenegro has charged him with forging documents. The US and South Korea have also seized Kwon’s devices as evidence. Kwon’s arrest has caused a stir in the crypto industry. His alleged fraudulent activities have affected many people worldwide, and his extradition would ensure he faces criminal charges for his actions.

Furthermore, Kwon is suffering multiple legal blows at the court proceedings as well, and investors are celebrating on social media. This prompted Real Research, an online survey app, to conduct a survey and gain public opinion on the extradition of Terraform Labs co-founder & CEO, Do Hyeong Kwon to understand people’s perspectives on his recent arrest.

Find out the results of the survey here.

Key Highlights

  • Over 60% are well aware of Do Hyeong Kwon’s arrest in Montenegro.
  • Nearly 43% (42.65%) argued that Do Hyeong Kwon’s arrest was highly justified.
  • The fraud and conspiracy charges against Kwon are highly justified, according to 53.43%.

Do Hyeong Kwon in the Hot Seat

Among all the respondents surveyed, 60.25% confirmed that they were well aware of the news that Kwon was arrested in Montenegro. This shows that the majority of the respondents have knowledge of this update, and 30.33% have limited awareness of the news. Meanwhile, only 9.42% claimed complete unawareness of the news.

Fig. 1: Awareness of Kwon’s arrest in Montenegro

Of all the people who have an awareness of Do Hyeong Kwon’s arrest, 17.19% are of the opinion that the arrest signifies that governments are beginning to take on a more active role in regulating the industry. 16.33% said that the charges demonstrate the need for greater transparency in the industry, while 15.32% of the respondents claimed that Kwon’s arrest highlights how unregulated the crypto industry is.

On the other hand, 13.54% argued that Kwon’s arrest was long overdue, and 12.11% believed that this arrest might affect the crypto market. 11.95% stated that this arrest is a wake-up call for investors to be more cautious.

A Wake-Up Call for the Industry

The survey findings show 42.65% think Do Hyeong Kwon’s arrest is highly justified, followed by 26.58% who say it is somewhat justified. On the contrary, 16.98% argued that his arrest was somewhat unjustified, and only a small portion of the sample (4.69%) called the arrest highly unjustified.

Fig 2: Was Kwon’s arrest justified or not?

Kwon is facing criminal charges of embezzlement in the US, Singapore, and South Korea, and 31.43% say that he should be extradited by South Korea, whereas 30.94% believe he should be extradited by the US. 18.42% voted for Singapore to extradite Kwon.

When asked where Kwon would likely be extradited, most respondents (34.04%) voted for the US, 29.05% said South Korea and 18% think he should be extradited to Singapore.

Crypto Industry Under Fire

A majority (53.43%) stated that all the fraud and conspiracy charges pressed against Kwon are highly justified, representing people’s rage against his deeds. The charges are somewhat justified, according to 27.55%. Only a minority (8.31%) believe these charges are somewhat unjustified, and 1.87% called the charges highly unjustified.

Fig 3: Was Kwon’s charges, including securities and commodities fraud, conspiracy, and others, justified?

However, only 30.62% of respondents believe that Do Hyeong Kwon’s arrest will somewhat impact the crypto industry, while 28.46% say it’s highly likely to impact the market. Meanwhile, 22.29% think it might probably not impact the crypto industry, while 8.9% say it’s highly unlikely to have any repercussions on the market.

Of all the people who believe Do Hyeong Kwon’s arrest will impact the crypto industry, 22.24% argue that it will accelerate increased regulation of the crypto industry. Kwon’s arrest and indictment will reduce the trust of investors in the crypto industry, claimed 14.43%.

While 12.93% said his arrest would not impact the industry, 12.1% stated that it would deter investors from investing in the crypto market, and 11.37% pointed out that it would damage the reputation of the crypto industry. Lastly, 11.26% said that this might increase the volatility of the crypto industry, and 15.67% remain undecided.


Survey TitleSurvey on the Extradition of Terraform Labs Co-founder & CEO, Do Hyeong Kwon
DurationApril 1 – April 8, 2023
Number of Participants10,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.