Bitcoin has been volatile lately with the price dropping below $30,000. Some factors people are pointing out are the stablecoin TerraUSD (UST) and its sister cryptocurrency, LUNA. Both have recently plummeted, and investors are facing huge losses. As of 2022, Do Kwon has an estimated net worth of $10 million.
Do was born on September 6, 1991. He is originally from South Korea, where many of his projects were based. However, not much is known about his early life in his home country.
Later on, he decided to immigrate to Canada. After staying there for a number of years, Kwon eventually pursued higher education and relocated to Stanford, California.
He attended Stanford University and obtained his computer science degree in 2015. After graduating from college, he was briefly employed as an engineer at Microsoft and Apple.
In 2016, Do Kwon established a peer-to-peer communications company named Anify. He was the firm’s CEO until 2017. After that, he ventured into the crypto industry. In 2018, he co-founded Terraform Labs with business executive Daniel Shin.
The company’s goal is to produce a decentralized cryptocurrency with stable pricing. With it, Kwon created the Terra Proof-of-Stake (PoS) and the algorithmic stablecoin UST with co-founder Daniel Shin.
The corporation also produces the LUNA stablecoin, 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
It’s true that UST and LUNA have made considerable impacts on the cryptocurrency space. However, more recently, the two haven’t been serving their original purpose as stablecoins as their prices have dropped massively.
UST has recently depegged, meaning that it isn’t worth the same as the US dollar anymore. It fell to as low as 40 cents. Because LUNA is directly linked to UST, it also suffered major losses, dropping to as low as 99% over two weeks.
These price changes concern many crypto investors as they had a negative 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 on the verge of collapsing with some exchanges halting 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 previous professional endeavors.
Because of this, the young tech businessman became a part of the Forbes 30 Under 30 list in Asia. Sadly, the crypto ecosystem he built currently needs some rescuing. Some experts believe that Terra’s chances of surviving are near zero. Even so, Do still holds a net worth of $10 million.
Kwon is a very private man. He isn’t very open in talking about his personal affairs. However, he is married and has a wife living in Korea.