Why Is Luna’s Do Kwon Not in Prison Yet?
“What we need to remember always our true North Star of why we started this in the first place, and that is to make sure that our money is the most decentralized and the most useful on the face of this f*****g planet!” That’s what Don Kwon, 30-year old founder of TerraLabs stated confidently on stage in New York back in 2021.
“At the end of this process, what is going to be beautiful is that TerraLabs is going to follow the organic trajectory of any other thing in the environment. We [are] going to come from nothing and go back to nothing,” explained the South Korean founder, aspiring to create a decentralized system that would eventually run itself.
At the time, he was a rising crypto celebrity that had created one of the fastest-growing projects in the crypto space. His two interrelated cryptocurrencies, TerraUSD (UST) and (LUNA), were worth approximately $15 billion, a value that quadrupled over the months that followed.
Those fateful words became a self-fulfilling prophecy, as in mid-May this year, UST and LUNA collapsed to nearly $0, wiping out $60 billion of investor money. The scale of the disaster certainly matched that of Kwon’s ambitions.
From being seen as a “psychopath” by critics, to a misunderstood “genius” by his almost cult-like online community, Kwon fell from the top, leaving more questions than answers. So, as investors worldwide mourn their losses, should the dynamic founder be held…
