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Do Kwon is the founder of Terra Labs(Luna) and UST a infamous stablecoin that failed its holders and wiped out approximately $45 billion in public investment.
Do Kwon is also known as the developer of failed algorithmic stablecoin Basecoin , a project that attracted many investment giants like Andreessenn Horowitz,Pantera Capital and the Digital Currency Group and collected around $133 million in funding.
Terra Luna and TerraUSD collapse troubled the entire crypto market for several months and some specified cryptocurrencies are still struggling hard to regain their positions.
Kwon is a graduate in computer science from Stanford College and later served Apple and Microsoft as an engineer. Later he entered the crypto sector and developed two different stablecoin projects known as Basic Cash and Terra Luna(Luna).
Both crypto projects of Kwon gained popularity after their development and grew to multi-billion dollars in context to market capitalization. Although it is believed that both projects failed after they were termed as Ponzi’s.
As per reliable reports Do Kwon was basically holding Bitcoin and Ethereum and has made billions of dollars from trading of these cryptocurrencies.
South Korean investigators gave a capture warrant for Do Kwon on Sept. 14 and afterward moved to negate his visa days after the fact.
While Kwon is a South Korean public, it isn’t known whether he holds a second or third ethnicity.
Kwon tweeted that he isn’t on the run and is in full collaboration with specialists and has nothing to stow away.
The warrant comes four months after the breakdown of the $40 billion Terra environment and its algorithmic stablecoin (UST), which was the principal domino to fall in the current year’s crypto winter.
The virus that followed caused a vast aftermath, with crypto loan specialist Celsius Organization and crypto representative Explorer Advanced petitioning for financial protection as the worth of computerized resources dropped by over half from their highs.
Singapore-based multifaceted investments Three Bolts Capital was one more firm that sought financial protection after the degree of its openness to the Terra network was uncovered. The collapse of Three Bolts left a path of pained credits across the crypto business, with billions being owed to lenders.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
