TerraUSD Founder Do Kwan Is Blamed for Market-wide Meltdown as It’s Revealed He Mocked His Critics as ‘Poor’ and Said He Found Failing Companies ‘Entertaining’

TerraUSD Founder Do Kwan Is Blamed for Market-wide Meltdown as It’s Revealed He Mocked His Critics as ‘Poor’ and Said He Found Failing Companies ‘Entertaining’

Do Kwon, the mastermind behind failing cryptocurrencies TerraUSD and Luna, is drawing scrutiny and criticism after the collapse of his venture triggered a massive meltdown in the broader crypto market this week.

Kwon, 29, is the brash CEO of Terraform Labs, the company behind the two related technologies: stablecoin TerraUSD, which is supposed to trade 1-to-1 with the US dollar, and governance token Luna, which is supposed to ensure the stable exchange rate.

Thanks in part to his big personality and confident pitch, Kwon was able to attract high-profile investors, including the venture capital arm of the major exchange Coinbase.

But after TerraUSD ‘de-pegged’ from the dollar this week, trading as low as 23 cents amid panicked selling, it triggered a broader meltdown that sent the largest cryptocurrency, Bitcoin, to its lowest level since 2020.

Issuer Luna plunged more than 99 percent in value on Thursday, and was trading at far below one cent, down from a high of $120 last month.

Now, a columnist for industry news site CoinDesk is calling Kwon ‘the Elizabeth Holmes of crypto’ in a stinging comparison to the convicted fraudster who fleeced investors for billions.

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Source: Daily Mail

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