Do Kwon is a South Korean cryptocurrency developer, entrepreneur, and business venturer. He is best known for co-founding the Terra blockchain.
Following the 2022 collapse in his cryptocurrency ecosystem, the government of South Korea filed an arrest warrant in his name and he has been reportedly absconding.
He has been in the news consecutively and recently he was traced in Serbia. In relation to the issuing of the arrest warrant, the government also revoked his passport. He has been on the run ever since first flying out of Singapore to Dubai in the United Arab Emirates. Then there were reports of him being traced in Europe.
The authorities of South Korea had appealed to Interpol, the International Criminal Police Organization, for the issuance of an international red notice on his name.
Do Kwon’s Age & Life
Kwon Do-Hyung was born on 6th September in Seoul in South Korea. He is 31 years old.
He graduated high school from the Daewon Foreign Language High School in South Korea. In 2015 he earned a BS in Computer Science from Stanford University.
He is married and has an infant daughter named Luna.
It is to be noticed that his Terra token and his daughter have the same name.
Do Kwon – Professional Career
After graduating from the university Kwon started a career as a software engineer and he worked for Microsoft and Apple.
In 2016, Kwon founded Anyfi, a start-up that uses mesh network technology for telecommunications solutions.
Terra blockchain is a protocol and payment platform for blockchain. The platform is used for algorithmic stablecoins. The blockchain was launched by Terraform Labs in 2018. Terraform Labs is a start-up founded by Do Kwon and Daniel Shin.
Terraform Labs is a company that has a motive of resolving the issues which hinder the process when digital currencies are massively adopted.
Terra blockchain is powered by a proof of stake codesign. TerraUSD is one of the stable coins built according to the Terra protocol. TerraUSD was the third largest stablecoin as per the market capitalization.
TerraUSD (UST) is having a pegged exchange rate to the U.S. dollar. Luna (LUNA) is the sister currency and another staking token for the protocol of the platform.
Do Kwon was also a part of other blockchain projects such as Prism, Mirror, Anchor, and Astroport.
Do Kwon – Net Worth
Do Kwon as per the reports of 2022 is estimated to be having a net worth of 10 billion USD.
He was featured in the 30 under 30 lists of Forbes at the age of 27.
His revenue is generated through his career in the cryptocurrency platform and also through other companies such as Basis Cash.
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Do Kwon – Controversies
Do Kwon faced a huge loss in his net worth due to the collapse of his cryptocurrency ecosystem. It reportedly had a wipeout of 45 billion USD. The loss in market capitalization happened in a time of just one week in 2022. This led to many of the most significant investors selling UST over 285 million USD.
Followingly the value of UST hit a rock bottom of 0.985 USD. This resulted in the Luna Foundation Guard (LFG) loaning out a total of 1.5 billion USD in an attempt to defend the peg rate and to subside the volatility of UST. Luna Foundation Guard (LFG) was formed with the purpose of acting as a reserve for Luna.
As per the records, the primary cause for the crash is estimated to be the failure of Terraform Labs in stopping their algorithmically stabilized stablecoin, Terra, from being unpegged to the price of the U.S. Dollar.
The impact in the cryptocurrency ecosystem had negatively impacted over 2000,000 investors in South Korea. The government of South Korea made an announcement that they would be filing criminal charges against Do Kwon and there is a lawsuit against him as well. LKB & Partners LLC and Kisung Lc are the law firms that are leading the lawsuits with the signs of above 1,600 investors.
In relation to the ongoing controversies, Kwon posted in a November 16 tweet, in which he apologized to those who lost their money in the UST crash. He said he continues to believe that the most important use case of crypto is to become the decentralized money that transcends politics and nation-states.
He posed a question that asked what DeFi was with centralized money. He admits that he was wrong but he denied the commitment to any kind of fraud including money embezzlement and insider benefits.
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