We have heard of the fact that cryptocurrency is unstable and there are a lot of ups and downs associated with it. But, it isn’t until we experience the downfall that we realize how fickle everything is. That’s exactly what happened with Terraform Labs’ co-Founder, Do Kwon.
At one point, he was worth $100 million but the downfall of TerraUSD and LUNA wiped out 90% of his net worth, bringing his career crashing down on the ground. If you have been wondering about Do Kwon, be assured that you aren’t the only one.
This article will venture into exploring more about Do Kwon, his early life, career, and also his net worth.
Do Kwon was born on September 6, 1991. He was named Kwon Do-Hyung at birth and was born in Seoul, South Korea. Reports suggest that a lot of the projects that he undertakes are based around South Korea.
There isn’t much public information available about him but reports suggest that he immigrated to Canada. However, he left for Stanford to pursue his further education. He graduated with a degree in computer science from Stanford and was associated with big tech companies like Apple and Microsoft after his graduation.
Do Kwon likes to keep his private life away from the public interest. There’s not much information available about his love life, besides the fact that he is married and has a daughter. There were reports that Kwon’s wife had to register a police complaint, citing that some enraged investor tried to enter their building.
Do Kwon’s career started with him working at companies like Microsoft and Apple. However, finding no motivation in the work, he decided to relocate to his home country, South Korea.
Working on his entrepreneurial journey, he launched his first company, Anify, in 2016. What changed the trajectory of his life was when he founded Terraform Labs two years later alongside Daniel Shin.
The primary objective of the company was to venture into cryptocurrency and develop a digital currency that would remain stable and not lose its value over time. That’s when they further launched the LUNA token. From there, they kept on expanding their business, launching CHAI, which was a well-known e-commerce platform.
Right after its release, LUNA was appraised by the people in the crypto industry and it flourished quite well in the crypto space. But, in 2022, LUNA and UST’s valuation dropped by 99.99%, leaving everything in shambles.
Following the downfall of LUNA, a lot of the hit was inflicted on the other digital currencies in the crypto space, including Bitcoin. Many investors lost a significant portion of their income and savings during this period.
Being a major player in the crypto space, it isn’t surprising that Do Kwon once had an estimated net worth of $100 million. However, following the downfall of UST and LUNA, his net worth has dropped significantly, leaving him with $10 million, as of 2023.
1. What is Do Kwon’s vision for Terra?
Do Kwon’s vision for Terra may include goals for the development of the Terra blockchain, the expansion of its use cases, and the overall impact he hopes Terra will have on the world of decentralized finance.
2. What is Terraform Labs?
Terraform Labs is the blockchain development company behind the Terra blockchain. The Terra blockchain is designed to be a decentralized financial platform that aims to provide stability and scalability.
Do Kwon is active on social media platforms like Twitter and Instagram but he is selective about the kind of posts that he makes and engages with.