By: Eva Baxter
South Korean entrepreneur Do Kwon, famously known for the creation of the Terra Luna cryptocurrency, has recently been in the headlines due to ongoing legal battles and an international pursuit. After suffering a significant downfall following the plummet of Terra Luna and pattern of lawsuits, including a class-action lawsuit filed by investors who claimed to lose millions, Kwon is currently said to be in extradition custody awaiting legal proceedings.
Kwon has made a significant impact in the crypto industry through innovative approaches, in particular the creation of TerraUSD (UST) - a stablecoin designed to maintain a stable value relation to the US dollar without traditional fiat collateral. Unfortunately, this approach didn’t stand the test of time when Terra Luna and UST got destabilized, leading to the liquidation of large bitcoin reserves and a substantial drop in Kwon's wealth - speculated to be around $135 million, a critical decrease from his wealth during Terra Luna's peak.
The future of Do Kwon and the revamped Terra Luna ecosystem, Terra 2.0, heavily depends on the outcomes of ongoing legal trials, the restoration of investor confidence, and their ability to attract new users and developers. Despite the seemingly bleak circumstances, November reports suggest a possible uptick in Terra Luna Classic (LUNC) prices.
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