Terra Luna Founder Do Kwon Net Worth 2022 | Reason Behind Luna Crash
Do Kwon is the founder and CEO of Terraform Labs, a South Korean company based in the country of Singapore. Is Terra LUNA (LUNA Classic after the current crash) built by Kwon inside Terraform Labs?
One of the key features associated with Terra Luna was the Terra USD (UST) which is an algorithmic stable coin that maintains a 1:1 peg to the US Dollar. In short, UST pegging is a simple model to hedge the market cap or price volatility associated with the Terra Luna which will help it to remain a stable currency.
Do Kwon Net Worth
According to a Wall Street Journal report, when Luna was trading at $100 before the crash, Do Kwon was actually a multi-billionaire. The Terra Luna Crash wiped out almost all of Do Kwon’s assets within a few days during the month of May 2022. The crash washed away $45 billion worth of public investment; the money had vanished into the air.
Who Is Do Kwon?
Do Kwon was born on 1 September 1991 in South Korea. Do Nondwara attended Devon Foreign Language High School, a private preparatory school located in the city of Seoul, South Korea. Then, for his higher education, he began studying computer science at Stanford University. In the past, Do Kwon has also worked at Microsoft and Apple, but only for three months at each company.
Stage Name: Doo Kwon
Real name: Kwon Doo-hyung
Occupation: Cryptocurrency Developer
Date of Birth/Age: 06 September 1991 (31 Years Old)
Birthplace: South Korea
Nationality: South Korean
Marital Status: Married
Education: Devon Foreign Language High School
Terra Luna: The Reason That Walked Away Net Worth Do Kwon
LUNA is a native token linked to the Terra blockchain system. Stable coins such as Tether (USDT) are actually pegged to the US dollar which is a stable coin because the US dollar is, of course, denominated in real banks in the United States and other associated reserves around the world. Furthermore, the US Dollar is the official currency of the United States of America, the country whose value and value increases day by day, it does not decrease, so this native token provides USDT with a stable and secure environment.
On the other hand, the value associated with LUNA was pegged to Tera USD (UST), which happens to be another stable token developed under Terraform Labs. The value associated with it is not tied to any real currency such as the US dollar, moreover, it uses a complex set of codes to determine its value which used to be equal to the value associated with the US dollar. Therefore, it was known as a stable coin in the olden days before the crash.
The main reason associated with the crash was de-pegging of Terra Luna (Luna Classic Current) with Terra USD (UST), which according to me could be a technical glitch on the connected end of the server, but it could also be a pre-planned crash can. By the company, because the company was not responding to trolls from its users and others associated with its official Twitter. For the first few days, the company was acting as if it didn’t exist. Instead, the creators associated with Terra Luna have their own history of creating unsuccessful stable coins.
To compensate for the falling price associated with LUNA, a few million additional LUNA tokens were mined by the company, but instead of increasing the value associated with LUNA, its value declined sharply, but additional funds were used by the company to re-stabilize. The minted LUNA coins were also not burned. The value associated with the token.
Several major crypto exchange companies such as WazirX, CoinDCX, Binance, Coinbase, etc. were ready to assist TerraForm Labs at that crucial time and these companies were able to provide technology to help stabilize the value associated with Terra Luna by re-pegging the token with UST. She was also ready to provide assistance. , but on the contrary, his help was not even accepted by them. Doesn’t this all sound strange?
My Final Words On Do Kwon Net Worth
According to my opinion, Do Kwon cannot be a good CEO and a messiah. “I am the only one responsible for the accident”, he said in an interview after the accident. He also said that “I never thought what could happen to me if it failed”. To this he further added, “It can’t bother me because I lead a very frugal life”.
After hearing what he said during the interview, the common people whose wealth was destroyed during this accident must have been heartbroken. To store earnings. These are my last words about Do Kwon. Let me know through the comment section what do you think about this.
Where does Do Kwon live?
According to a Bloomberg report, it is believed that Kwon was living in Singapore. On 14 September 2022, a South Korean court issued an arrest warrant for Kwon and five others for alleged violations involving Korean capital markets law. The prosecutor’s office was told that all six persons are based in Singapore.
Watch Video About Terra Luna Founder Do Kwon Net Worth 2022
People Also Ask
How old is Do Kwon?
31 Year Old He IS
Did Do Kwon go to Stanford?
Who is Do Kwon? According to a LinkedIn profile, 31-year-old Kwon left Stanford University in 2015 with a computer science degree.
Where was Do Kwon born?
Do Kwon Born In Seoul, South Korea
Do Kwon date of birth?
His DOB Is September 1,1991
Where did Do Kwon go to college?
He Studied In Sandford University And Devon Foreign Language High School
Who founded Terra?
Do Kwon. Terra was co-founded by Kwon to use blockchain technology to develop a more efficient payment system. The price-stable cryptocurrency, or stable coin by its name, attracted 40 million users to work with the company since its launch in January 2018.