Who is Do Kwon?

Do Kwon, born in Seoul in 1991, is a former software engineer turned crypto entrepreneur who made waves as the co-founder of Terraform Labs. After graduating from Stanford University and working at Microsoft and Apple, he launched Terraform Labs in 2018. He gained acclaim for his technical prowess and was featured in Forbes' 30 Under 30 list in 2019. 

Terra’s ecosystem included the algorithmic stablecoin TerraUSD (UST) and its companion token, Luna. These projects attracted big-name investors like Binance and Polychain Capital. However, in May 2022, Terra's seemingly unstoppable rise came crashing down. The algorithm designed to keep UST stable failed, and both UST and Luna lost nearly all their value in a matter of days, erasing about $45 billion in market value. 

The fallout also led to legal scrutiny, with regulators from the U.S. and South Korea going after him on charges ranging from securities fraud to wire fraud. In March 2023, Do was arrested in Montenegro while attempting to flee with forged documents. Since then, both the U.S. and South Korea have been trying to extradite him, and the legal battles are still playing out.

Do Kwon Net Worth in 2024

‍As of 2024, Do Kwon's net worth is tough to determine due to ongoing legal battles and the crash of Terraform Labs. It is estimated to be around the $100 million mark, based on the Bitcoin holdings he has in the Luna Foundation Guard wallet and personal crypto wallets.

Before the collapse of TerraUSD (UST) and Luna, his net worth was in the billions. But with the fallout from the crash, asset seizures, and his arrest, much of that wealth has likely taken a hit. While there are rumors he still has hidden assets, most of his finances are tied up in ongoing lawsuits and investigations.

How Did Do Build His Net Worth?

A majority of his net worth was made from his two major stablecoin projects, Basis Cash and Terra (LUNA). The price of Luna started at $0.1 and reached $116 per token by April 2022. Basis Cash (BAC) started at $500 and reached a high of $920. These projects quickly gained traction, attracting large investments from major players like Binance and Polychain Capital. 

Luna’s value soared as it became a key asset in the decentralized finance (DeFi) space, with Do profiting significantly from the token’s success and his stake in Terraform Labs. His financial rise was driven by the growing adoption of Terra’s blockchain, which he positioned as an innovative solution for payments and DeFi applications.

Where is Do Kwon Now?

‍As of now, Do Kwon is out on bail and in the midst of an international legal battle, awaiting extradition decisions between the United States and South Korea. He was apprehended in Montenegro in 2023 while attempting to flee using forged Costa Rican travel documents. 

Both countries are vying for his extradition to face charges related to the catastrophic collapse of Terraform Labs and allegations of fraud, which wiped out billions of dollars in investor funds. The U.S. prosecutors have filed multiple charges including securities and commodities fraud, while South Korea has issued an arrest warrant for violating capital market rules. 

Bottom Line

In conclusion, Do Kwon’s journey is a stark reminder of the high stakes in the crypto world. Once worth billions, his rapid fall from grace came with the crash of TerraUSD and Luna, wiping out investor money and landing him in serious legal trouble. Now, with his net worth drastically reduced to $100 million and legal battles still unfolding, his future is uncertain.