Someone would have had to invent Do Kwon if he didn’t exist. For example, there are the $11 million bets he placed with Crypto Twitter celebrity Cobie that his cryptocurrency Luna will be valued more in a year than it was in March 2022. Kwon is the boisterous, combative co-founder of Terraform Labs, best known for the ongoing disaster that is Terra / Luna. He is fond of insults such as “continue in poverty ser,” “u still poor?” and “I don’t debate the poor on Twitter.”
Luna is currently valued less than a cent, while Terra, which was intended to be a stablecoin tethered to the dollar, is currently worth 6 cents. After searching Kwon’s apartment complex for the master of stablecoin, an investor was jailed for trespassing, telling reporters from Yonhap News Agency that he had lost 2 to 3 billion won (about $2.3 million). Following the event, Kwon’s wife requested police protection.
Terra’s emblem can be seen on the seats behind home plate at the Washington Nationals ballpark, and the stadium’s upscale dining club is dubbed Terra Club, according to CoinDesk. Terra spent $38.5 million for the advertisement, and it appears to have outlasted the protocol.
This isn’t Kwon’s first time with a failed stablecoin. That would be Basis Cash, which was meant to be worth $1 as well and capsized as well. He’s also evaded two subpoenas from the Securities and Exchange Commission.
Kwon’s aggressive Twitter persona enticed a number of retail investors to Luna, but they weren’t the only ones. Luna was backed by Jump Crypto and Three Arrows Capital, while Terraform Labs was backed by Coinbase Ventures, Lightspeed Venture Partners, Galaxy Digital, and Pantera Capital. Mike Novogratz, the CEO of Galaxy Digital, received a Luna tattoo, which he claims would serve as a “continuous reminder that investing demands humility.” Kwon has his own eternal memento in the form of his daughter, Luna.