Do Kwon is a South Korean cryptocurrency investor who is best known as the CEO of Terra creator Terraform Labs. He is also one of the pseudonymous co-founders of the failed algorithm stablecoin, Basis Cash. Kwon set out his plan for restoring the stablecoin TerraUSD (UST)’s peg to the dollar on May 11, 2022. Do Kwon net worth is currently not available at the moment and is under review. However, it is estimated somewhere to be around $10 million.
|Full Name||Do Kwon|
|Date of Birth||September 6, 1991|
|Net Worth||Under review ($10 million estimated)|
Do Kwon was born on September 6 in the year 1991 in South Korea. He has spent many years in Canada. Kwon graduated from Stanford University in California with a Bachelor’s degree in computer science.
Kwon previously worked as an Engineer at Apple & Microsoft. In January 2016, he founded the company named Anyfi, Inc. Kwon served in the company until October 2017. Then in January 2018, he founded the digital currency, Terraform Labs. The company uses blockchain technology to develop an efficient payment system.
Do Kwon Net Worth & Career
Kwon founded the blockchain technology company along with Daniel Shin. The company aims to create a decentralized price-stable cryptocurrency and has developed the Terra Proof-of-Stake (PoS). It is a public blockchain that was built on the Cosmos SDK. Kwon has lately been revealed as one of the anonymous co-founders of Basis Cash. It was previously modeled on Basis, Basecoin, and has now become a stablecoin. The project was known to be forcefully shut down due to regulatory concerns.
As per the reports from CoinDesk, it is known that Kwon was using the pseudonym Rick Sanchez to get involved in a stablecoin project, Basis Cash. The two former developers from Basis Cash have confirmed Kwon’s involved in the failed stablecoin project. By the confirmation, it is confirmed that Kwon’s first algorithm stablecoin project is not UST. The Basis Cash (BAC) was first launched on Ethereum in late 2020. It was considered to be an early contender in the algorithmic stablecoin field.
Earlier when the Basis Cash was launched, it was intended to be pegged to the value of the dollar. However, it was rather pegging to the dollar through code 1:1 and backed by fiat or other collateral. Nevertheless, Basis Cash didn’t work as it was intended. In December 2020, the value of one BAC had a value of $155. Though the value kept dropping and reached near $1. As of now, the value of one BAC trades for around $0.007.
Former engineer, Hyungsuk Kang who worked with Kwon at Terraform Lab claimed that Kwon took Basis Cash as a pilot project. At that time, he was just testing out the theory behind the algorithmic stablecoins. Through Basis Cash. Kwon and another unidentified co-founder named Morty revived Basis Cash in late 2020. As in the previous history of BAC, the UST stablecoin has also started deeper over the weekend. At the present time, one UST is trading at $0.56.
On the other hand, Terra’s other token LUNA is trading at $2.15. In the past week, LUNA was trading at around $85. The scenario is considered very rare in the crypto market. According to the report of CoinGecko, over the last 24 hours, the total cryptocurrency market drops down by 7.3%. Investors are trying hard to protect their assets. On Wednesday, Kwon shared a tweet and acknowledged that the Terra community was going through an extremely tough situation for the last 72 hours. Kwon revealed that the stablecoin will eventually be redesigned to be collateralized.
Do Kwon’s present relationship status is unknown. He is available on Instagram under the user name, do_kwon_. On May 5, 2022, he shared a picture of a baby on his Instagram. Through the post, it is assumed that he is married to someone and the baby is his own. Nevertheless, it is not confirmed yet.
Do Kwon Net Worth
Do Kwon’s personal wealth is estimated to be over $10 million as of 2023. However, the real value has not been made public yet. The recent drop in the UST value seems to have badly affected his net worth. Though, the value might increase in the future and trade in the maximum value like in the past.
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