011 – Its story becomes one more of those child prodigies looking for the next invention that will revolutionize markets and industries, but unfortunately it goes wrong.
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Kwon, from South Korean, studied computer science at the prestigious Stanford University in the United States and worked as a software engineer at Microsoft and Apple until he founded Anyfi, a technology company dedicated to developing connectivity alternatives.
Do Kwon, the founder of Terraform Labs, the parent company behind the Terra and LUNA cryptocurrency ecosystem, is reportedly currently in Serbia on the run from several allegations of fraud and financial crimes in connection with the implosion of his cryptocurrencies in May 2022. He is the subject of a wanted warrant issued by Interpol.
The South Korean businessman, 31, has been in the Balkan country since around November 2022, after spending time in the United Arab Emirates, sources at the Seoul Southern District Prosecutors’ Office told Yonhap news agency.
Do Kwon launched the luna cryptocurrency on the market in 2018 and two years later created terra (UST), a digital currency that belongs to the “stablecoin” category. Both have their own mathematical formula created at Terra Labs, in which the value of one depends on the other and that is why they are known as “twin currencies“.
The market lost confidence in Kwon’s algorithmic formula against a backdrop of falling cryptocurrency prices, bad economic news and many blamed him for running a Ponzi scheme, where profits were in pyramid order.
Luna lost all its value (plummeting from US$118 to US$0.09) and terra plummeted along with it. The brutal fall of both currencies encouraged panic among some investors who embarked on a massive sell-off of cryptocurrencies, leading to a generalized fall in the sector.
Although it may seem hard to believe, Do Kwon announced a few days ago the relaunch of his moon coin, version 2.0. Now the entrepreneur has opted for a low profile and does not speak in public. In any case, the results indicate that this time it will be much more difficult for him to convince the world of his genius.