2023-02-20
Do Kwon was born in South Korea in 1991.
He is the founder of Terra/Luna blockchain network. He received Bachelor Degree
in Computer Science from Stanford University. Do has always been interested in
blockchain technology. He founded Terraform Labs in 2018 as an organization to
develop payment system and blockchain infrastructure. Terraform Labs developed an algorithmic stablecoin called UST to facilitate transactions in Terra
blockchain. On May 7, 2022, UST was unable to maintain 1:1 peg with US dollar.
This incident made Terra/Luna ecosystem went into collapse. Terra ecosystem was
famous for DeFi platforms such as Mirror and Anchor protocols. The collapse of
Terra ecosystem made the value of Luna tokens drastically decreased.
On Feb 16, 2023 the US Securities and
Exchange Commission filed a Complaint to the US District Court for the Southern
District of New York that Do Kwon transferred more than 10,000 BTC from Terraform
Labs and Luna Foundation Guard to a cold storage, and later transferred them to
a Swiss bank. Finally, Do Kwon converted BTC to cash. SEC alleged that between
June 2022 and February 2023, Do Kwon might have withdrawn more than $100
million worth of cash. The news about SEC’s filing Complaint has to be follow
up what will happen next.
