The $45 billion Terra crash of 2022, involving TerraUSD and LUNA, is set to be immortalized in a new South Korean independent movie.
In “Crypto Man,” the late actor Song Jae-rim plays the protagonist and self-proclaimed business genius who develops an altcoin dubbed MOMMY. Jae-rim, a well-known actor in South Korea, was found dead in his hotel room in November 2024, in what police think was likely a suicide.
According to the Korean newspaper JoongAng Daily, the new movie is loosely inspired by the story of Terraform Labs.
Terraform Labs Could Pay Up to $442 Million as Bankruptcy Judge Approves Wind Down
Defunct stablecoin firm Terraform Labs has had its application for Chapter 11 bankruptcy approved by a Delaware court. Judge Brendan Shannon called the move a “welcome alternative” that avoids complex further litigation over the losses by Terraform’s investors, according to reporting by Reuters. The company was mainly known for its TerraUSD (UST) stablecoin and accompanying Luna (LUNA) token. Both assets collapsed in May 2022, wiping out $45 billion in market value overnight and causing bankrupt...
Bombastic South Korean entrepreneur Do Kwon founded Terraform Labs, known for its TerraUSD (UST) stablecoin and accompanying LUNA token. Both assets collapsed in May 2022, wiping out $45 billion in market value overnight and causing a chain of bankruptcies throughout the crypto world, before its founder went on a years-long run from the law across the globe.
This means that Do Kwon, who was apprehended by authorities in Montenegro last year, joins the ranks of financial criminals such as Jordan Belfort of “The Wolf of Wall Street” fame and Sam Bankman-Fried, who will be immortalized in film and TV.
The director Harry Hyun explained to the Korean newspaper JTBC that the movie looks to portray “the reality of young people who are addicted to stocks during the day and coin speculation at night.”
Terra Founder Do Kwon Will Be Extradited to South Korea—Court Says It's Final
The Montenegro Appellate Court upheld its decision to extradite Do Kwon, the founder of Terraform Labs, to South Korea. The August 1 ruling marks the conclusion of a protracted legal saga involving multiple appeals and judicial reversals. The Appellate Court confirmed the June 28 decision of the Higher Court in Podgorica, which granted the extradition request from South Korea while rejecting a concurrent request from the United States. The court’s ruling is based on the provisions of Montenegro'...
Hyun didn’t reveal much about the storyline, but said the protagonist “makes an irreversible choice.”
The director—who reportedly won acclaim at the Cannes Film Festival for her movie “Nine Times Fired”—said the upcoming film will also contain “elements of black comedy.”
The Terra film is set to officially hit Korean theaters on Jan. 15, 2025, distributed by MooAm Productions, with no word on a global release.
As the movie is based on true crimes, where the sentencing has not yet been fully carried out, Hyun explained that “legal advice was received based on legal cases before production.”
All the FTX Films and TV Series in Production Right Now
The collapse of crypto exchange FTX has crossed over into the mainstream like no event in the history of cryptocurrency, with acres of newsprint devoted to the downfall of the firm, its founder Sam Bankman-Fried (SBF), and his cohorts including Caroline Ellison and Gary Wang. Inevitably, Hollywood has been drawn to the story. It’s a classic tale of hubris running headlong into nemesis, shot through with salacious details (the “polycule,” anyone?) and has dragged celebrities from Larry David to G...
Crypto industry disasters are increasingly getting the attention of filmmakers; at one point, over seven films, documentaries, and TV series were confirmed to be based on the story of the defunct crypto exchange FTX.
Most recently, in November 2024, Girls screenwriter Lena Dunham was signed on to write an adaptation of the FTX tragedy after Apple and A24 purchased the rights to the story.
Edited by Stacy Elliott.
