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HomeCRYPTOCURRENCYTerra Luna Founder Do Kwon net worth 2022 | Reason Behind Luna...

Terra Luna Founder Do Kwon net worth 2022 | Reason Behind Luna Crash

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How much money does Terra Luna founder, Do Kwon net worth? How does he make money? What is the source of his income? Find out here.

Do Kwon, the founder and CEO of Terraform Labs is a South Korean company located in Singapore. Do Kwon, Terraform Labs founder and CEO, created Terra LUNA (currently LUNA Classic following the crash).

Terra USD (UST), an algorithmic stablecoin, was one of Terra LUNA’s key features. It is designed to maintain a 1:1 peg against the US Dollar. UST pegging, which is a simple mechanism to protect Terra LUNA from price fluctuations or market cap, will allow it to remain a stablecoin.

Do Kwon net worth

According to the Wall Street Journal, Do Kwon was a multi-billionaire at the time LUNA traded at 100 USD prior to the crash. In just a few short days, Do Kwon’s wealth was almost gone by the Terra LUNA Crash. It occurred in May 2022. The crash wiped out 45 billion USD worth of public investments. It was like the money disappeared into thin air.

Do Kwon is Who?

Do Kwon was conceived in South Korea on the 1st of September 1991. Do Known attended Daewon Foreign Language High School in Seoul, South Korea. It is a private preparatory school. For his higher education, Do Known studied Computer Science at Stanford University. Do Kwon previously worked for Apple and Microsoft, but only for three months.

Basic Information
Stage Name:Do Kwon
Real Name:Kwon Do-Hyung
Occupation:Cryptocurrency Developer
Date Of Birth/Age:06 September 1991 (31 Years Old
Place of Birth:South Korea
Nationality:South Korean
Marital Status:Married
Education:Daewon Foreign Language High School
Stanford University

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Terra LUNA: Why Did Do Kwon Net Worth Get Fleshed Away?

LUNA is Terra Blockchain System’s native token. Stablecoins like Tether (USDT), are pegged with actual US dollars, which is a stable currency because the US Dollar is contained in the banks of the United States as well as other reserves from around the world. The US Dollar is also issued by the United States. Its value and worth continue to rise day by day. Therefore, USDT, the native token, is stable and safe.

Terra USD (UST), a stable token created by Terraform Labs, was used to peg the value of LUNA. Its value does not correspond to any currency, such as the US Dollar. Instead, it uses a complex set codes to calculate its value, which is equivalent to that of the US Dollar. It was also known as a stablecoin in the days before the crash.

The main reason for the crash was the depegging Terra LUNA (LUNA Classic Currently), with Terra USD (UST). This could be a technical glitch, but I believe it was also a planned crash by the company. It was not responding to users or other trolls on Twitter. The company behaved as if it didn’t exist for the first few days. Terra LUNA’s creator has a history of creating failed stablecoins.

The company minted a few more million LUNA tokens to compensate for the declining price of LUNA. However, instead of increasing the value, it caused the value to fall exponentially. However, the company didn’t even burn the extra minted LUNA coin to restabilize the token’s value.

WazirX and CoinDCX were among the top crypto exchanges, as was Binance, Coinbase, Coinbase, Coinbase, Coinbase, and Binance. They were willing to offer technical support to Terraform Labs to stabilize Terra LUNA’s value by re-pegging it with UST. But they refused to accept their assistance. Isn’t this strange?

Last words on Do Kwon net worth

Do Kwon is, in my opinion, not a good CEO or a Messiah. He stated that he was responsible for the crash in an interview following the event. He added, “I have never considered what could happen to my life if this fails.” He added, “This doesn’t bother me because I live a relatively frugal lifestyle.”

Common people who lost their wealth in the crash must be heartbroken after hearing his interview. Do Kwon doesn’t have the right to create a place where people can store their hard-earned wealth. These are my final words about Do Kwon. Please let me know your thoughts in the comments section.

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