Do Kwon is the creator and CEO of Terraform Labs, a South Korean company based in Singapore. Kwon Terra created LUNA at Terraform Labs (now LUNA Classic after the accident)?
A key feature of Terra LUNA is Terra USD (UST) which is an algorithmic stablecoin intended to maintain a 1:1 peg with the US dollar. In short, UST paging is a simple model to prevent changes in Terra LUNA’s market cap or value to help it maintain a stable position.
Do the Kwon net worth
According to a report in the Wall Street Journal, Do Kwon was probably a multi-millionaire when LUNA was trading at $100 before the crash. The Terra LUNA crash in May 2022 wiped out almost all of Do Kwon’s assets in a matter of days. The crash wiped out $45 billion worth of public investment, the money disappearing into thin air.
Who is Kwon?
Do Kwon was born on September 1, 1991 in South Korea. Do attended the famous Daewon Foreign Language High School, a private preparatory school located in Seoul, South Korea. Then, for his higher education, he studied computer science at Stanford University Previously, Do Kwon also worked at Microsoft and Apple, but for only three months at 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|
Terra Luna: Reasons Why Kwon’s Net Worth Dropped
LUNA is the core token of the Terra Blockchain system Stubcoins such as Tether (USDT) are pegged to the real US dollar which is a stable currency because the US dollar is essentially held in real US banks and other reserves around the world. Also, the US dollar is issued by the United States, the country, so its value and value will increase day by day, it will not decrease, so it makes the native token USDT stable and safe.
On the other hand, the price of LUNA was pegged to Terra USD (UST) which is another stable token developed by Terraform Labs itself. Its value was not tied to any actual currency such as the US dollar, instead it used a complex code to determine its value which was equal to the value of the US dollar. Hence, it was known as a stablecoin in the old days before the crash.
The main reason for this crash is the de-paging of Terra LUNA (LUNA Classic now) with Terra USD (UST), which I think could be a mechanical glitch on the server finish, but could also be a pre-planned crash. By the company, as the company does not respond to its users and other people’s trolls on Twitter. In the early days, the company was as if it did not exist Also, Terra LUNA’s creators have a history of creating failed stablecoins.
To compensate for the drop in LUNA’s value, the company minted an additional few million LUNA tokens, but instead of increasing the value of LUNA, it decreased the value, but the company didn’t even burn the extra minted LUNA coins to stabilize. The value of the token.
Numerous leading crypto exchange companies like WazirX, CoinDCX, Binance, Coinbase etc. were ready to help Terraform Labs at that critical time and these companies were ready to provide technical support to help fix the price of Terra LUNA by re-pegging the token with UST. , but on the contrary, they did not even accept their help Isn’t it wonderful?
My final words on Dow Kwon Net Worth
In my opinion, Do Kwon is a good CEO and not a messiah In an interview after the accident, he said that I am solely responsible for this accident. “I never thought about what would happen to me if it break down,” he added. “It doesn’t bother me because I’m living a fructuous life,” he added.
After listening to what he said in the interview, the common man, whose wealth has been destroyed in this accident So, I don’t think Do Kwon deserves to create something where ordinary people should store their hard-earned wealth. Those are my last and final words on Do Kwon. Let me know your thoughts on the same in the comment section.
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