Meet Do Kwon, The Man Behind The Terra-LUNA Project That Collapsed This Month
The crypto industry is battling a serious credibility crisis this month.
The crash of TerraUSD (UST), a stablecoin pegged to the US dollar, and its native token LUNA earlier this month bankrupted many investors in a matter of days and sent the crypto market into a tailspin.
UST was meant to always be worth $1 but it collapsed to as low as 13 cents last week and then to 9 cents this week.
The spectacular crash has led to a huge backlash from angry investors against the founder and CEO of the Terra blockchain, Do Kwon.
Who Is Do Kwon?Do Kwon is the creator of TerraUSD and its native token Luna.
However, many believed he hype and promoted a project without a firmer ground underneath.