Founder of Terra Luna Classic: This article will delve into the topic of Do Kwon’s net worth, as well as shed light on the mastermind behind Luna Classic Coin. Do Kwon is the founder and CEO of Terraform Labs, a company originally hailing from South Korea and currently based in Singapore. Terra LUNA Classic is one of the projects under the Terraform Labs umbrella.
As an entrepreneur, Do Kwon has created Terra Labs (LUNA) and UST (UST), which is a Stablecoin. However, both ventures have recently faced setbacks, resulting in a loss of over $45 billion in public investments. Despite this, Do Kwon’s net worth is estimated to be around $10 billion, attributed to his contributions to the cryptocurrency industry, as well as his ownership of other companies like Basis Cash back in 2019.
Who is Do Kwon ?
Born on September 1, 1991, Do Kwon hails from South Korea. He pursued his education in Computer Science at Stanford College, following which he worked briefly as an engineer for Apple and Microsoft, with stints lasting only three months each.
Subsequently, he ventured into the cryptocurrency industry and founded two Stablecoin projects – Basis Cash and Terra (LUNA), both of which saw a valuation in the billions of dollars. However, they ultimately failed due to being labeled as “Ponzi” schemes. The mechanisms intended to offer yield and price stability were found to be flawed, resulting in the Stablecoins losing value and failing to maintain parity with the US Dollar.
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Do Kwon Net Worth 2023
A Wall Street Journal report suggests that Do Kwon may have been a multi-billionaire when LUNA was trading at $100 before its eventual crash.
Despite his net worth plummeting from $1.5 billion to $15 million, Do Kwon still retains the status of a millionaire. While it remains unclear how much of this amount is usable, the sum remains noteworthy nonetheless.
Luna Classic Crash
The Terra Blockchain System utilizes LUNA as its primary token. Stablecoins like Tether (USDT) are tethered to the US dollar, a stable currency that maintains its value due to being held in reserves worldwide and issued by the United States.
The crash of Terra LUNA (now rebranded as LUNA Classic) was likely caused by either a technical malfunction on the server end or a deliberate move by the company. The company was unresponsive to user inquiries and criticism on Twitter, and the creator of Terra LUNA has a history of failed stablecoin projects.
In an interview, Do Kwon claimed full responsibility for the crash and admitted to not having considered the impact on his personal wealth. He also stated that he is not worried about the crash’s effects as he leads a simple life.
Breaking news reports that South Korea has frozen $92 million worth of Do Kwon’s Terra-linked assets. Given the emotional impact of the crash on those affected, it is understandable that Do Kwon’s actions may be deemed unscrupulous, casting doubt on his integrity as a CEO.
Do Kwon founded Terra Luna Classic, a cryptocurrency company headquartered in Singapore. He also created two unsuccessful Stablecoin initiatives, Terra Labs (LUNA) and UST (UST), which incurred losses exceeding $45 billion in public investments. Do Kwon’s estimated net worth is approximately $10 billion, stemming from his work in the cryptocurrency field and his ownership of other firms. He was born in South Korea in 1991 and studied Computer Science at Stanford College, where he briefly served as an engineer. The Terra LUNA crash, now referred to as LUNA Classic, could have been caused by a technical glitch or planned by the firm. Do Kwon took responsibility for the crash and declared that he is not concerned about it since he leads a modest life. Based on his conduct, some may view him as a questionable figure or CEO.
How much money did Do Kwon make?
Do Kwon, an employee of Terraform Labs, informed the US Securities and Exchange Commission that he withdrew $80 million on a monthly basis.
How much did Do Kwon make from Luna?
Do Kwon is alleged to have withdrawn approximately $2.7 billion in the time leading up to the collapse of Luna UST
Did Do Kwon sell Bitcoin?
Do Kwon still cashing out, but is no longer using Bitcoin for this purpose