The collapse of TerraUSD and its sister cryptocurrency, LUNA left investors facing over $45 billion in losses. He is believed to be hiding and is facing multiple lawsuits regarding his role in the crash. As of 2022, Do Kwon has an estimated net worth of $10 million.
Background
Kwon Do-Hyung was born on September 6, 1991, in Seoul, South Korea. This is where many of his projects were based. However, not much is known about his early life in his home country.
Later on, immigrated to Canada and after staying there for a few years, Kwon relocated to Stanford, California for his education. At Stanford University he got a degree in computer science. Kwon briefly worked as a software engineer for Microsoft and Apple but returned home to South Korea a year later.
Crypto Career
In 2016, Do Kwon established a peer-to-peer communications company named Anify. He served as the firm’s CEO until 2017 and then ventured into the crypto industry. In 2018, he co-founded Terraform Labs with business executive Daniel Shin.
The company’s goal was to produce a decentralized stablecoin that would maintain its value. Kwon created the Terra Proof-of-Stake (PoS) and the algorithmic stablecoin UST with co-founder Daniel Shin.
The corporation also created the LUNA token, which is utilized as a native currency on the Terra blockchain. It also supervised the creation of CHAI, an e-commerce platform that makes use of UST.
UST and LUNA’s Status
UST and LUNA gained widespread recognition in the crypto space with early investors banking impressive returns. However, in May 2022 the house of cards fell apart. UST depegged and its price is now languishing at 3 cents. Because LUNA is directly linked to UST and dropped 99.99%.
These price changes had a massive ripple effect on Bitcoin and the wider market. Many folks have seen a significant portion of their life savings disappear. The Terra blockchain is now a ghost and most exchanges halted the cryptocurrency.
Net Worth and Earnings
Before all the problems, Do Kwon and his business were prospering. Major crypto organizations like Binance, Arrington XRP, and Polychain Capital together invested $32 million into Terra. Kwon also earned money from his short working career and Anify.
In 2017, the young entrepreneur was featured in Forbes’ 30 Under 30 list in Asia and his future looked bright. Sadly, the crypto ecosystem he built is gone and could end up in jail. Do Kwon had plans to relaunch again but it’s unlikely he’ll get the opportunity.
Where is he now?
He’s facing multiple lawsuits from disgruntled investors and the South Korean government is looking for him. Apparently, 200,000 South Koreans were impacted by the crash. His exact whereabouts are unknown, some people have speculated he’s hiding out in Dubai or Singapore.
Personal Life
Kwon is a very private person and isn’t very open about his personal affairs. However, it’s known he’s married and has a daughter living in South Korea. He ironically named his child LUNA after his “greatest creation”. In May 2022, his wife had to file for police protection after an investor who lost $2 million, trespassed into Kwon’s building.
