Do Kwon is the Founder and CEO of Terraform Labs that is a South Korea n company based in Singapore. Terra LUNA was developed by Do Kwon at Terraform Labs (now LUNA Classic following the Low).
Terra USD (UST), an algorithmic stablecoin designed to maintain a 1:1 peg with the US Dollar, was one of Terra LUNA’s key characteristics. During a nutshell, UST pegging may be a simple model to prevent market cap or price fluctuations of Terra LUNA which will help it remain a stablecoin.
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Do Kwon Net Worth
The Wall Street Journal reported that Do Kwon was likely a multi-billionaire when LUNA was trading at 100 USD prior to the crash.
The Terra LUNA Crash exhausted nearly all of Do Kwon’s wealth within just a few days in the month of May 2022.
The crash flushed away 45 Billion USD worth of public investments, the cash just disappeared in thin air.
Who Is Do Kwon?
Do Kwon was born in South Korea on September 1, 1991. Do Known joined Daewon Foreign Language highschool , which may be a private preparatory school located in Seoul, South Korea.
Then, for his education, he studied computing at Stanford University. Formerly, Do Kwon also worked at Microsoft & Apple, but only for three months in each company.
|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|
The Fact That Do Kwon Flushed Away Net Worth Terra LUNA
LUNA is that the native token of the Terra Blockchain System. Stablecoins like Tether (USDT) are pegged with the actual US dollar which is a stable currency itself because other reserves from around the world and the actual banks of the United States include the US Dollar.
Also, US Dollar is issued by the us, the country, hence its value and price increase day by day, it doesn’t decrease, hence it makes the native token USDT Stable & Safe.
On the opposite hand, the worth of LUNA was pegged with Terra USD (UST) which is another stable token developed by Terraform Labs themselves.
Its value isn’t tied to any actual currency like US Dollar, instead, it used a posh set of codes to determine its value which was equivalent to the value of the US Dollar. Hence, it had been known as a stablecoin back in the old days before the crash.
The major reason behind the crash was the de-pegging of Terra LUNA (LUNA Classic Currently) with Terra USD (UST), which consistent with me might be a technical glitch on the server end, but it’d also be a pre-planned crash by the company.
Because the company was not responding to its users and other people’s trolls on Twitter. During the initial few days, the corporate was acting like it did not even exist. Also, the creator of Terra LUNA features a history of creating failed stablecoins.
To catch up on the falling price of LUNA, the corporate minted extra few million LUNA tokens. But rather than increasing the value of LUNA, it made the worth fall down exponentially. But the corporate did not even burn the extra minted LUNA coins to restabilize the value of the token.
Many leading crypto exchange companies like WazirX, CoinDCX, Binance, Coinbase etc were able to help Terraform Labs. During that critical time and these companies were ready to provide technical support to re-peg the token. It is with UST in order to assist them in stabilising the value of Terra LUNA. But instead, they refused to even acknowledge their assistance. Doesn’t that sound odd?
In my opinion, Do Kwon isn’t a good CEO and a Messiah. In an article interview, he claimed, “I alone am responsible for the crash.” I haven’t considered what could happen to me if this fails, he continued. He said, “This doesn’t concern me because I live a relatively frugal life,” to this.
After hearing what he said within the interview, folk whose wealth got wiped out in this crash must get heartbroken. Hence, I don’t think Do Kwon deserves to make something where common people should store their hard-earned wealth. Those are my final words on Do Kwon. Let me know within the comments section what are your opinions on the same.