Do Kwon
Built a $40 billion empire on an algorithmic stablecoin. It collapsed in 48 hours.
Known For
Creator of Terra/LUNA — the $40 billion collapse that triggered the 2022 crypto crash
Do Kwon was the co-founder of Terraform Labs and creator of the Terra blockchain, including the algorithmic stablecoin UST and its companion token LUNA. He was known for his arrogance on CT, mocking critics and famously telling doubters "I don't debate the poor." At its peak, the Terra ecosystem held over $40 billion in value. In May 2022, UST lost its dollar peg, triggering a death spiral that wiped out LUNA's value from $80+ to fractions of a penny in days. Countless investors lost their life savings. The collapse triggered a chain reaction that took down Three Arrows Capital, Celsius, Voyager, and eventually contributed to FTX's demise. GCR had publicly bet against Kwon before the crash. After the collapse, Kwon fled to Montenegro where he was arrested in March 2023 using a fake passport. He was extradited to the US in 2024 and sentenced to prison. He became the face of crypto's worst disaster.
