Do Kwon Net Worth: Is the Terra Founder still rich?
Mike Harry
Feb 2024
6 min
Fact checked
Get ready to be amazed by the jaw-dropping net worth of Do Kwon, the tech entrepreneur who is taking the world by storm. With his innovative ideas and game-changing strategies, Kwon has amassed a fortune that will leave you in awe. From his humble beginnings to his meteoric rise in the business world, this article will take you on a thrilling journey through the life and achievements of one of the most successful entrepreneurs of our time. So buckle up and get ready to be inspired!
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Who Is Do Kwon?
Do Known was born in South Korea and studied computer science at Stanford University. Prior to Terraform Labs, he co-founded and served as CTO for Anyfi, a startup providing mesh networking solutions.
Do Kwon is now an infamous figure in the crypto world best known for being a co-founder and CEO of the Terraform Labs, the company behind Terra and the algorithmic stablecoin UST that famously collapsed.
In 2018, Kwon, along with co-founder Daniel Shin, launched Terraform Labs with the vision of making cryptocurrencies more usable and accessible in everyday commerce. The duo created Terra, a blockchain payment system integrated with a family of algorithmic stablecoins pegged to various fiat currencies.
Do Kwon Terra
One of Terra's early successes had been the development of Chai, a mobile payments app which utilizes the Terra blockchain for backend transactions.
In May 2022, the Terra ecosystem collapsed as its algorithmic stablecoin, TerraUSD (UST), depegged from the US dollar. The collapse of UST led to a sell-off of Luna, and the price of the token plummeted from $100 to less than $0.001.
Kwon has been accused of fraud and mismanagement in the wake of the collapse of Terra. The South Korean government has issued a warrant for his arrest, and the US Securities and Exchange Commission (SEC) is investigating Terraform Labs for possible securities fraud.
Kwon has denied any wrongdoing and has said that he is committed to rebuilding the Terra ecosystem. However, it is unclear whether he will be able to do so.
What is Do Kwon known for?
Do Kwon is a well-known figure in the blockchain and cryptocurrency world as the co-founder and CEO of Terra, a decentralized payment platform.
Unfortunately as of late, Do Kwon has once again been making headlines after being arrested in Montenegro in March 2023 on charges of using false documents. Kwon and an associate, Noh Chang-hyung, were arrested at Podgorica Airport after they presented fake passports to immigration officials.
The two men were released on bail after a few days, but they are still facing charges. If convicted, they could face up to five years in prison.
Do Kwon arrested in Montenegro
Kwon's arrest is the latest in a series of legal troubles for the Terraform Labs founder.
In South Korea, Kwon is facing a number of lawsuits from investors who lost money in the collapse of the TerraUSD stablecoin.
The US Securities and Exchange Commission is also investigating Terraform Labs for possible securities fraud.
The collapse of TerraUSD was a major blow to the cryptocurrency industry. It wiped out billions of dollars in value and led to a loss of confidence in the industry. The arrest of Do Kwon is another sign of the growing pains that the cryptocurrency industry is facing.
How did Do Kwon become rich?
Do Kwon as the co-founder and CEO of Terraform Labs has likely accrued considerable wealth due to the success and value appreciation of the Terra blockchain before it's collapse.
At the peak of it's value, Terra's market cap had ballooned to over $60 billion dollars. It's unclear how much LUNA that Do Kwon managed to sell before it all came crashing down.
Do Kwon in the early Terra days
Do Kwon also managed to make plenty of business angel investments in other blockchains and applications in the cryptocurrency space prior to the fall of Terra. It's unclear what the total value of those investments are at currently.
What is Do Kwon net worth?
According to recent estimates, Do Kwon's net worth is around $10-$20 million. The majority of his wealth comes from what he managed to cash out prior to the collapse of Terra blockchain and the LUNA token.
We won't know the actual number until there is additional clarity on what exactly took place prior to the collapse of Terra.
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