Tuesday, June 6, 2023
cryptonews100
No Result
View All Result
CryptoNews100
No Result
View All Result
Home Uncategorized

Who Is Do Kwon, How Is He Related To This Crypto Project Crash?

cryptonews100_tggfrn by cryptonews100_tggfrn
May 21, 2022
in Uncategorized
0
Who Is Do Kwon, How Is He Related To This Crypto Project Crash?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


spot and derivatives trading, low fees! Use VPN to Spain if in US.

Meet Do Kwon, The Man Behind The Terra-LUNA Project That Collapsed This Month

Do Kwon is the creator of TerraUSD and its native token Luna

The crypto trade is battling a severe credibility disaster this month. The crash of TerraUSD (UST), a stablecoin pegged to the US greenback, and its native token LUNA earlier this month bankrupted many traders in a matter of days and despatched the crypto market right into a tailspin. UST was meant to at all times be value $1 however it collapsed to as little as 13 cents final week after which to 9 cents this week. The spectacular crash has led to an enormous backlash from offended traders in opposition to the founder and CEO of the Terra blockchain, Do Kwon.

Who Is Do Kwon?

Do Kwon is the creator of TerraUSD and its native token Luna. Nevertheless, many believed he hype and promoted a undertaking and not using a firmer floor beneath. Whereas the South Korean, who graduated from Stanford College with a level in pc science, at all times carries himself with confidence, he has been particularly important of his rivals and detractors on social media. He has criticised traders for placing their cash into rival stablecoin tasks in addition to lashing out at anybody who questioned his credentials. “Bow earlier than the king,” he stated within the tweet.

Kwon has additionally known as UST and Luna naysayers “poor”, including, “I do not debate the poor”.

The Aftermath

Following the crash of his much-publicised pet undertaking, Do Kwon is dealing with authorized prosecution in South Korea. 5 South Korea-based crypto traders have filed legal complaints in opposition to him and his Terraform co-founder Daniel Shin, alleging fraud and violations of monetary laws. Do Kwon can also be reportedly dealing with a tax advantageous of $78 million for evading company and revenue tax funds.

Whereas Do Kwon could be accused of mismanaging his undertaking and reckless social behaviour, it is extremely unlikely that he would serve any jail time following the legal complaints. As a result of it is tough to show what he did was a fraud. It was market forces at play. At most, Do Kwon is more likely to endure an enormous hit to his repute except proof of any wrongdoing surfaces.



Source link

Related articles

News: blockchain MEP Eva Kaili corruption arrest, Nigerian CBDC … – David Gerard

February 28, 2023

War had no impact on Ukraine’s regulatory approach to crypto, Kyiv lawmaker says – Cointelegraph

February 28, 2023
Tags: crashcryptoKwonprojectRelated
Share76Tweet47
kucoin-exchange

Related Posts

News: blockchain MEP Eva Kaili corruption arrest, Nigerian CBDC … – David Gerard

by cryptonews100_tggfrn
February 28, 2023
0

News: blockchain MEP Eva Kaili corruption arrest, Nigerian CBDC ...  David Gerard Source link

War had no impact on Ukraine’s regulatory approach to crypto, Kyiv lawmaker says – Cointelegraph

by cryptonews100_tggfrn
February 28, 2023
0

War had no impact on Ukraine’s regulatory approach to crypto, Kyiv lawmaker says  Cointelegraph Source link

Binance Secretly Moved $1 Bln User Assets Just Like FTX: Forbes – CoinGape

by cryptonews100_tggfrn
February 28, 2023
0

Binance Secretly Moved $1 Bln User Assets Just Like FTX: Forbes  CoinGape Source link

Terra (LUNA) Price Prediction 2025-2030: LUNA can reach $2 if… – AMBCrypto News

by cryptonews100_tggfrn
February 27, 2023
0

Terra (LUNA) Price Prediction 2025-2030: LUNA can reach $2 if…  AMBCrypto News Source link

First Mover Asia: Solana in the Green After Weekend Deep Freeze – CoinDesk

by cryptonews100_tggfrn
February 27, 2023
0

First Mover Asia: Solana in the Green After Weekend Deep Freeze  CoinDesk Source link

Load More

Crypto Fear & Greed Index

Latest Crypto Fear & Greed Index

Recent News

SEC Sues Binance, World’s Largest Cryptocurrency Exchange

SEC Sues Binance, World’s Largest Cryptocurrency Exchange

June 6, 2023
Unveiling the Key Factors Influencing the Adoption of Blockchain Technology for Strengthening Cybersecurity in the Contemporary Technological Landscape

Unveiling the Key Factors Influencing the Adoption of Blockchain Technology for Strengthening Cybersecurity in the Contemporary Technological Landscape

June 6, 2023
Ethereum gas fees cool down after May memecoin frenzy

Ethereum gas fees cool down after May memecoin frenzy

June 6, 2023

Categories

  • Alt Coins
  • Bitcoin
  • Blockchain
  • Cardano
  • Chainlink
  • Cryptocurrency
  • Dogecoin
  • Elon Musk
  • Ethereum
  • Exchanges
  • ICO
  • Litecoin
  • Market & Analysis
  • Pokadot
  • Polygon
  • Shiba Inu
  • Solana
  • The FED
  • Uncategorized
  • VeChain
  • XRP

Download the official CryptoNews100 Android App! Click the button below:

Tags

ADA (36) Binance (70) Bitcoin (354) blockchain (62) BTC (76) Buy (41) Cardano (74) ChainLink (40) Classic (70) coin (53) Cointelegraph (45) crypto (451) Cryptocurrencies (39) Cryptocurrency (91) Cryptos (56) DOGE (38) Dogecoin (81) Elon (37) ETH (52) Ethereum (153) FTX (45) gains (40) Heres (41) Inu (73) investors (56) LUNA (241) LUNC (43) market (138) MATIC (37) million (37) Network (53) News (129) Polkadot (37) POLYGON (43) prediction (78) price (260) SEC (39) SHIB (42) Shiba (74) Solana (63) Terra (283) token (36) top (77) VeChain (40) XRP (56)

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Alt Coins
    • Cardano
    • Dogecoin
    • Litecoin
    • Pokadot
    • Polygon
    • Shiba Inu
    • Solana
    • XRP
    • VeChain
  • Market & Analysis
    • Blockchain
    • The FED
    • ICO
  • Profit with Crypto
    • Crypto Exchanges
    • Crypto Interest-Earning Accounts
    • Crypto Retirement Accounts

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.