Do Kwon is the founder and CEO of Terraform Labs, a South Korean company based in Singapore. Do Kwon in Terraform Labs layout Terra LUNA (currently LUNA Classic after the crash)?
Terra USD (UST), an algorithmic stable coin designed to maintain a 1:1 peg with the US dollar, was one of Terra LUNA’s main features. In a nutshell, UST pegging is a simple model that stops Terra LUNA’s market cap or price fluctuations, allowing it to remain a stablecoin.
Do Kwon net worth
According to the Wall Street Journal, Do Kwon was most possible a multi billionaire when LUNA was trading at $100 USD prior to the crash. In May 2022, the Terra LUNA Crash wiped out nearly all of Do Kwon’s wealth in a few days. The crash wiped 45 billion USD in public investments; the money simply vanished into thin air.
Who Is Do Kwon?
Do Kwon was born in South Korea on September 1, 1991. Do Known enrolled at Daewon Foreign Language High School, a private preparatory school in Seoul, South Korea. He then went on to study Computer Science at Stanford University for his post secondary education. Do Kwon held positions for Microsoft and Apple, but only for three months at each.
|Stage Name:||Do Kwon|
|Real Name:||Kwon Do-Hyung|
|Date Of Birth/Age:||06 September 1991 (31 Years Old|
|Place of Birth:||South Korea|
|Education:||Daewon Foreign Language High School|
Terra LUNA: The Reason Do Kwon Net Worth Flew Away
The Terra Blockchain System’s native token is LUNA. Stable coins like Tether (USDT) are pegged to the actual US dollar, which is a stable currency in and of itself because the US dollar is held in US banks and other reserves all around world. Furthermore, because the US Dollar is issued by the country of the United States, its value and worth increase on a daily rather than reducing, trying to make the native token USDT stable and safe.
The value of LUNA, on the other hand, was pegged to Terra USD (UST), another stable token developed by Terraform Labs. Its value is not tied to any actual currency, such as the US Dollar, but rather to a complex set of codes that decided its value, which was equivalent to the value of the US Dollar. As a result, it was known as a stablecoin prior to the crash.
The primary cause of the crash was the de-pegging of Terra LUNA (LUNA Classic Currently) with Terra USD (UST), which I believe was a technical glitch on the server end, but it could also have been a pre-planned crash by the company, as the company was not responding to its users and other people’s trolls on Twitter. During the first few days, the company decided to pretend it didn’t exist. Besides that, Terra LUNA’s creator has a track record of creating failed stable coins.
To compensate for the falling price of LUNA, the company minted an extra few million LUNA tokens, but instead of increasing the value of LUNA, it affected it to fall exponentially, and the company did not even burn the extra minted LUNA coins to re-stabilize the token’s value.
Many leading crypto exchange companies, such as WazirX, CoinDCX, Binance, and Coinbase, were ready to assist Terraform Labs during that critical time, and these companies were ready to provide technical support to help them stabilize the value of Terra LUNA by re-pegging the token with UST, but they declined to accept their help and support. Doesn’t that sound odd?
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Final Thoughts on Do Kwon’s Net Worth
Do Kwon, in my opinion, is not a good CEO or a Messiah. In a post-crash interview, he stated, “I alone am responsible for the crash.” He also stated, “I have never viewed what could happen to me if this fails.” He went on to say, “This doesn’t bother me because I live a fairly frugal life.”
Common people whose wealth was wiped out in this crash must be heartbroken after hearing what he said in the interview. As a result, I don’t believe Do Kwon deserves to layout something where normal people can keep their hard-earned money. That concludes my opinions on Do Kwon.