The young Do Kwon, the visible face of crypto Terra.
Do Kwon He is the founder of Terra Labs, whose Luna token and its stablecoin (UST) crashed last week in a matter of hours as it lost its peg to the dollar and caused a setback for investors.
In the face of the desperate situation, Kwon said he started calling on various community members to understand the total loss of value of the tokens. Moon, yes worth about $ 120, it dropped sharply.
Through a thread of tweets, the young computer scientist became loyal to his followers and acknowledged that he was “heartbroken” because of his creations they almost lost all value.
“I still believe that decentralized economies deserve decentralized money, but it’s clear that UST in its current form is not that money,” he tweeted.
One of the few exchanges that accept Terra’s trades is Crypto.com, which is also he became an involuntary executioner at the price of LUNA and UST stablecoin.
The issue is caused by a glitch in the Crypto.com mobile app, which allows users to gain a tube of 30-40 times in operations, something unbalanced in Terra’s economy.
In the face of such an economic catastrophe, the firm suddenly banned users from trading after an internal tool detected that the system quoted incorrect prices for LUNA due to some error.
“Many customers bought at the wrong price and, of course, some also took the opportunity to take advantage of the flaw completely. We canceled all operations. Some customers saved a ton of dollars and thanks to us, the others did not abuse the bug and criticized us ”, said the CEO of Crypto.com.
With the fall in the price of LUNA more than 99%Terra blockchain validators officially shut down the network with the aim of preventing management attacks.
Who is Do Kwon?
The dangerous volatility of cryptocurrencies. Photo by AFP
It seems like a wild investor, that is has 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 loss.
According to the CrytoNews site, police reported that Kwon’s wife opened the door and scolded this angry visitor, who threatened and tried to talk to the person responsible for the bad maneuver.
Police tried to identify the culprit and examined the CCTV footage and gathering of witnesses. While Kwon’s wife is taken into custody at his own request.
Kwon is the son of a pharmaceutical distributor. He successfully graduated from the prestigious Stanford Universitywhere he graduated in computer science.
He worked six years at Microsoft and left the company to find Anyfi, a company that uses WiFi mesh technology to send bandwidth to those without Internet access.
Among its investors is the South Korean government, and the fund raised exceeds one million dollars. Of course, this work led him to where he is today: cryptocurrencies.
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Source: Clarin
