Summary: Do Kwon, a prominent South Korean cryptocurrency entrepreneur, is the founder of Terra Labs (LUNA) and the widely-known stablecoin UST (UST). Unfortunately, both ventures recently experienced a downfall, resulting in a loss of over $45 billion in public investment. Despite these setbacks, Do Kwon's estimated net worth stands at $1 billion, thanks to his involvement in the cryptocurrency industry and the establishment of other companies, such as Basis Cash in 2019.
Who is Do Kwon?
Do Kwon (@stablekwon on Twitter) is a Stanford College graduate who studied Computer Science and worked as an engineer with Apple and Microsoft. He later pivoted into Crypto and formed two different stablecoin projects called Basis Cash and Terra (LUNA).
Both projects grew to be multi-billion dollars in market capitalization, however, later failed due to being regarded as 'Ponzi's'. The yield and price stability mechanisms were ultimately flawed, which resulted in both stablecoins losing their peg to the US Dollar.
How did Do Kwon grow his Net Worth?
Do Kwon made hundreds of thousands of Ethereum during the early DeFi boom in 2019 and 2020. His estimated net worth before the collapse of Terra Luna was $10 Billion, this was when one LUNA token was worth over $110.
The price has since dropped over 99.99% and is under $0.0001 USD per LUNA token.
Kwon is currently in the process of trying to revitalize the Luna blockchain, and hopefully his net worth - but there is not a lot of confidence amongst investors. Many now consider Kwon to be crypto's equivalent of Elizabeth Holmes, the infamous creator of Theranos.
Is Do Kwon a Scammer?
No, Do Kwon is not a scammer. Although his projects have failed, he has been open and honest about the mistakes made and has taken responsibility. However, there are some in the crypto community who believe that Kwon is a scam artist, due to the failure of his projects. Ultimately, it is up to individual investors to decide whether or not they believe in Kwon and his new projects.
Final Thoughts
In conclusion, Do Kwon is a well-known South Korean cryptocurrency entrepreneur and the creator of Terra Labs (LUNA) and the UST stablecoin. Despite the recent downfall of these projects, resulting in a loss of over $45 billion in public investment, Do Kwon's estimated net worth remains at $1 billion. His wealth can be attributed to his involvement in the cryptocurrency industry and the founding of other companies, including Basis Cash.
Do Kwon's background in computer science and his work experience at tech giants such as Apple and Microsoft laid the foundation for his foray into the crypto world. However, the collapse of his projects, Terra Luna and Basis Cash, has raised questions among investors about his credibility.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
