Who is Do Kwon, the cryptocurrency’s founder who says he is “heartbroken” after it collapsed?

Do Kwon He is the founder of Terra Labs, whose Luna token and stablecoin (UST) plummeted in a matter of hours last week after losing their peg to the dollar, causing a market disaster.

Faced with the crisis, Kwon claimed he began calling various members of the community to explain the tokens’ absolute lack of value. Moon’s value, which was about $120, plummeted substantially.

The young computer scientist was candid with his followers in a series of tweets, admitting that he was “heartbroken” since his products had lost nearly all of their value.

“I continue to believe that decentralized economies need decentralized money,” he tweeted, “but it is evident that UST in its current form will not be such money.”

One of the few exchanges that accepted Terra’s trades was Crypto.com, who also he became an involuntary executioner in the price of LUNA and the UST stablecoin.

The issue was caused by a glitch in the Crypto.com mobile app, which allowed users to obtain a profit of 30-40 times in operations, something that unbalanced the economic balance of Terra.

Faced with this economic catastrophe, the firm abruptly banned users from trading after an internal tool detected that the system was quoting incorrect prices for LUNA due to some error.

โ€œThere were many customers who bought at the wrong prices and, of course, some also took the opportunity to exploit the flaw to the fullest. We have canceled all operations. Some customers saved a ton of dollars and thank us, others did not abuse the bug and criticize usโ€, said the CEO of Crypto.com.

With the price crash of LUNA by more than 99%the Terra blockchain validators officially stopped the network with the aim of preventing governance attacks.

Who is Do Kwon?

The dangerous fluctuations of cryptocurrencies. AFP photo

Apparently a wild investor, who would have lost more than 1.5 million dollars in this hecatomb, he would have gone to the same house of the founder to seek some explanation for such a loss.

According to the CrytoNews site, the police officers reported that Kwon’s wife opened the door and was rebuked by this irate visitor, who made threats and tried to talk to the person responsible for the bad maneuver.

The police have tried to identify the assailant and are reviewing CCTV footage and gathering witnesses. While Kwon’s wife was taken into custody at his own request.

Kwon is the son of a pharmaceutical distributor. He successfully graduated from the prestigious Stanford University where he graduated in computer science.

He worked for six years at Microsoft and left the company to found Anyfi, a company that used WiFi mesh technology to transmit bandwidth to those without Internet access.

Among its investors was the South Korean government, and the funds raised exceeded one million dollars. Of course, this work led him to where he is now: cryptocurrencies.

By Editor

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