Do Kwon

Do Kwon Daughter Luna; Is CEO Of Terraform Labs In Jail? Arrest And Charge

Do Kwon is a South Korean cryptocurrency developer. Let us learn about Do Kwon daughter Luna from this article. 

South Korean cryptocurrency developer Kwon Do-Hyung, also known as Do Kwon, co-founded and served as CEO of Singapore-based Terraform Labs.

The unlicensed firm Terraform Labs is responsible for the Terra blockchain, which includes the network token Terra and stablecoin TerraUSD (UST) (LUNA).

In May 2022, TerraUSD and Luna collapsed, wiping out about $45 billion in market value in a week. Kwon graduated from Stanford University in June 2015 after completing his high school education at Daewon Foreign Language High School.

He spent three months each as an engineer at Apple and Microsoft. After that, in September 2015, he went back to South Korea to launch a business.

Former Terra workers have asserted that Kwon also founded the unsuccessful stablecoin project Basis Cash, inspired by the Ethereum-based stablecoin project Basis (formerly Basecoin).

Nader Al-Naji founded Basis, which has secured a sizable sum of money from venture capitalists. After receiving complaints from the U.S. Securities and Exchange Commission (SEC), Al-Naji ultimately shut down Basis and gave his investors their money back.

Do Kwon Daughter Luna: How Old Is She?

Do Kwon daughter, Luna, was born in April 2022. So, she is just around six months old now.

Kwon announced the birth of her daughter through Twitter, where he mentioned naming his daughter after his greatest invention. 

Yes, Kwon named his daughter LUNA, which is a Blockchain protocol. Coinmarketcap powers price-stable international payment systems using flat-pegged stablecoins.

Do Kwon Daughter Luna
Do Kwon daughter, Luna, was named after his greatest invention. (Source: Twitter)

In January 2018, Daniel Shin and Do Kwon established Terra. Although construction started in January, the main net’s launch took place in April this year.

Early in May 2022, when UST’s price fell to 10 cents, Luna’s value reached “essentially zero.” From a record high of $119.51, it decreased. The crash destroyed $45 billion in market capitalization in a single week.

Also Read: Renard Spivey: A Former Tv Bailiff Killed His Wife, Where Is he Now?

In addition, news of his wife’s Police protection when an unknown man visited her home in May 2022 was made public.

Before the man walked out of the building, he had asked her if Mr. Kwon was at home. He initially entered through the front door by taking advantage of the inhabitants leaving and entering the building.

Do Kwon’s wife called the Police for emergency protection because she felt uneasy. And the destruction of Terra and Luna was followed by the event.

Is the CEO Of Terraform Labs In Jail? Arrest And Charge

Do Kwon, the co-founder and CEO of Terraform Labs, the business that created the stablecoin TerraUSD (UST), was issued an arrest warrant earlier this month by a South Korean court.

Terraform Labs lost its peg to the U.S. dollar in May 2022 and contributed to the bear market in cryptocurrencies.

You may also like: Iker Casillas And Carles Puyol Comes Out Gay: Are they Together? Relationship Timeline

According to the Financial Times, the South Korean government has requested that Interpol issue a “red alert” for the co-founder of Terraform Labs.

Do Kwon arrest
Do Kwon, the CEO Of Terraform Labs, was issued an arrest warrant. (Source: CNBC)

In addition to Kwon, five other Terraform Labs employees are the subject of active arrest warrants for alleged capital markets law offenses.

The money of investors who had invested in Terraform Labs was lost, totaling $40 billion (£35 billion). Terra (LUNA), UST’s sister token, dropped sharply in May.

At the time, Kwon’s location was thought to be Singapore. However, the Singapore Police Force (SPF) has now said that he is no longer a resident of the city-state.

According to the SPF, “SPF will support the Korean National Police Agency (KNPA) within the bounds of our domestic law and commitments to other nations,” Channel News Asia (CNA) reported. Do Kwon is not at present in Singapore.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *