Do Kwon, co-founder and chief executive officer of Terraform Labs, leaves the company’s office in Seoul, South Korea, on Thursday, April 14, 2022.
Woohae Cho | Bloomberg | Getty Images
Do Kwon, the 30-year-old South Korean founder of a $60 billion stablecoin project that imploded last month, has a knack for convincing people to buy what he’s selling. Most recently, Kwon sold his vision of a new kind of payment system that would upend the status quo and replace the world’s currencies.
TerraUSD (also called UST) and its sister token, luna, moved in lockstep. UST functioned as a U.S. dollar-pegged stablecoin meant to replace global fiat transactions, while luna helped UST keep its peg and earned investors a killing as it appreciated in value. (In 2021, luna was up 15,800%.) Traders were also able to arbitrage the system and profit from deviations in the prices of the two tokens.
The setup wasn’t new. Algorithmic stablecoins, which rely on a complex set of code rather than hard currency...
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