Do Kwon: The Rise and Fall of a Crypto Controversy
Months before the fraud with FTX and Sam Bankman-Fried was revealed, and years before Binance and its founder Changpeng Zhao acknowledged their guilt and settled with the US for billions of dollars, Do Kwon was considered the main anti-hero of the crypto sector for his unsuccessful stablecoin pegged to the US dollar.
It was May 2022, and Kwon was experiencing his heyday. His company, Terraform Labs, stood behind one of the most popular stablecoins pegged to the dollar on the planet; venture capital funding was pouring in, his coins (such as terra and luna) collectively were worth tens of billions of dollars, and like Bankman-Fried, Kwon made it onto the prestigious Forbes 30 under 30 list.
Perhaps the brightest display of confidence in the empire he had built came a month before everything fell apart: Kwon announced that he had named his newborn daughter Luna. «My dearest creation, named after my greatest invention,» he wrote.
