Do Kwon's $LUNA Empire: From Stanford to Prison šØ
The story of Do Kwon and Terra ($LUNA) is a stark reminder of crypto's wild west. Born in Seoul, Kwon was a Stanford grad who worked at Microsoft before diving into crypto. He co-founded Terraform Labs, launching the Terra blockchain and its native token, $LUNA.The real hype began with TerraUSD ($UST), an algorithmic stablecoin promising insane yields through Anchor Protocol. Investors flocked, pushing $LUNA to nearly $116 in April 2022.
Then, the unthinkable happened. In May 2022, $USTC de-pegged, triggering a catastrophic death spiral. Billions vanished overnight, wiping out over $40 billion in market cap and impacting millions. Kwon was eventually arrested in Montenegro, leading to a legal battle and a guilty plea for securities fraud. He's now facing a 15-year prison sentence in the U.S.
This saga remains one of crypto's most significant collapses.
#Terra #LUNA #DoKwon #CryptoNews #DeFiCollapse
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