Terra Luna Founder Do Kwon Net Worth 2023
Do Kwon is a South Korean native who was born in Seoul and attended Stanford. He studied computer science and was an engineer for Microsoft and Apple. His crypto-currency project, Terra, launched in the early twenty-ones. In addition to creating Terra, Do Kwon created a coin called Luna. The Luna token was valued at about $100 at its peak.
However, the coin soon crashed. The Luna ecosystem was a sham and the coin lost its peg to the US dollar. The result was a $60 billion wipeout. Thousands of investors lost their hard-earned funds. After the crash, Do Kwon fled to Serbia, where he allegedly cashed out 9.64 BTC. Although the court in South Korea did not make a decision on his arrest, there is still a chance that he could face a hefty bailout from his former crypto-project.
Before the crash, Do Kwon’s net worth was estimated to be around $50 billion. According to a report, he had a daughter living in South Korea. When the Terra-LUNA stablecoins began to crumble, Kwon moved out of the country, citing “political reasons” as his excuse. He had lived in Singapore before moving to Dubai.
He had started a crypto-currency project in the early twenty-ones, with support from major tech entrepreneurs such as Justin Sun of TRON and Vitalik Buterin of Ethereum. Eventually, his e-commerce website enabled foreign buyers to find Korean suppliers. This led to the creation of a second crypto-currency, Basis Cash. As it developed, Basis Cash reached a multi-billion-dollar market cap.
In 2019, the value of all digital assets reached $3 trillion, a rise of nearly 40 percent. As a result, Do Kwon, the creator of Terra, became a target of lawsuits from several investors. Some have filed class action lawsuits against him. These claims center on Kwon’s alleged misuse of the platform. Others claim that he violated local market laws.
One of the lawsuits alleges that Kwon was involved in money laundering. Another accuses him of intentionally misleading investors. Despite his alleged involvement in all of these accusations, Do Kwon maintains his innocence. A recent interview with Kwon on UpOnlyTV, a popular crypto show hosted by Lee Tae-jin of Kakao Talk, suggests that he may still have a substantial amount of bitcoins.
There is no word on Do Kwon’s exact location, but reports indicate that he is hiding. He has a daughter living in South Korea, and he has access to the wallets of the Luna Foundation Guard (LFG). With his access, it is possible that he could have upwards of $135 million in crypto in early 2023.
He was listed on Forbes’ 30 under 30 list in 2019. Kwon has also appeared in many media outlets as a figure of controversy, especially after the Terra Luna crash. Many people in the industry believe that Do Kwon needs to be brought to justice. While Do Kwon has denied the allegations, he does not have the financial resources to fight the lawsuits alone.