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South Korean Do Kwon presided over one of the biggest busts ever seen in the volatile cryptocurrency sector. His Terraform Labs Pte created the TerraUSD stablecoin, which was meant to have a constant $1 value via a complex mix of algorithms and trader incentives involving a sister token, Luna. Their combined value soared past $60 billion until confidence in the ecosystem evaporated in May, prompting investors to flee and leaving the tokens almost worthless. Kwon’s whereabouts became unclear four months later after South Korea issued an arrest warrant on allegations including breaches of capital-markets law. He’s denied any wrongdoing and tweeted that he isn’t “on the run.” But he’s also the subject of an Interpol red notice.
Kwon, 31, left Stanford University in 2015 with a computer science degree, according to his LinkedIn profile. He had stints at Apple Inc. and Microsoft Corp. before, as he puts it, falling “down the crypto rabbit hole.” Kwon co-founded Terraform Labs in 2018, one of many young coders who saw blockchain technology as a gateway to financial revolution. His project of creating a stable digital currency outside of mainstream finance and regulators attracted a legion of followers but also critics who said it was a doomed Ponzi scheme. At times brash and combative, Kwon has trolled naysayers online, telling one critic that the Luna community was not as “poor as your broke ass.” In May, as his project imploded, he said he was “heartbroken about the pain my invention has brought on all of you.” He’s poked fun at people who see him as an absconder, saying he hasn’t gone running in a while and needs to “cut some calories.”
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