TLDR: Do Kwon was a co-founder of Terra, a decentralized platform for digital payments and stablecoins that collapsed in 2022. His estimated net worth as of 2023 is approximately $135 million, based on the amount of Bitcoin (BTC) in the Luna Foundation Guard wallet.
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Who is Do Kwon?
Do Kwon, also known by his Korean birth name, Kwon Do-Hyung, is the CEO and co-founder of Terraform Labs, a Singapore-based company that created the stablecoin TerraUSD (UST) and the Cryptocurrency, Luna. Kwon is a computer science graduate from Stanford College. Prior to his involvement in the Crypto industry, he worked as an engineer for tech giants Apple and Microsoft.
In May 2022, UST and Luna experienced a sudden collapse, resulting in a loss of nearly $50 billion in market capitalization within a week and causing billions in losses in the Cryptocurrency industry. As a result of the Terra crash, Do Kwon is currently facing legal repercussions from citizens across different jurisdictions, including South Korea, Singapore, and the United States.
What is Do Kwon's net worth in 2023?
Kwon's current estimated 2023 net worth, post the Terra crash, is believed to be between $135 - $150 million, based on the Bitcoin holdings he has in the Luna Foundation Guard wallet.
However, due to his extensive experience in the Cryptocurrency industry and involvement in multiple projects, his actual net worth could be significantly higher, making it difficult to accurately speculate. In saying that, the absolute minimum estimate for his net worth is $135 million due to the Bitcoin wallet.
It is assumed that the BTC wallet is in Do Kwon's possession as 10BTC has been withdrawn from the wallet via a Bitcoin ATM located in Serbia, where he is thought to be hiding from the South Korean government. Serbia does not currently have an extradition treaty with South Korea, making it an ideal place for Kwon to hide from Korean authorities.
How did Do Kwon make his fortune?
A majority of Kwon's net worth was made from his two major stablecoin projects Basis Cash and Terra (LUNA). Prior to the Terra crash in 2022, his net worth was an estimated $4 billion. The price of Luna started at $0.1 and had reached $116 per token by April 2022. Basis Cash (BAC) had started at $500 and had a high of $920.
Where is Do Kwon Now?
Do Kwon was arrested in Montenegro on March 23, 2023. Authorities apprehended Kwon, 31, for using forged Costa Rican travel documents before a flight to Dubai. Kwon's location had been uncertain since South Korean authorities issued an arrest warrant for him and five others on financial charges, followed by Interpol issuing a "red notice" for his arrest.
South Korean prosecutors charged him with violating the country's financial laws, and the US Securities and Exchange Commission accused him of orchestrating a multibillion-dollar crypto asset securities fraud.
In conclusion, Do Kwon, co-founder of Terra, experienced a significant loss in net worth following the 2022 collapse of the platform. As of 2023, his estimated net worth stands at a minimum of $135 million, attributed to his Bitcoin holdings in the Luna Foundation Guard wallet.
Kwon, currently facing legal repercussions in multiple jurisdictions, was arrested in Montenegro in March 2023 for using forged travel documents. With an accomplished background in the crypto industry, Kwon's story serves as a cautionary tale for the unpredictable nature of cryptocurrencies and the potential consequences faced by those involved.