A South Korean court on Wednesday issued a warrant for the arrest of Do Kwon, founder of the blockchain platform Terraform Labs and creator of two cryptocurrencies called Luna and TerraUSD.
Investors accuse Kwon of fraud for peddling what turned out to be two of the greatest disasters in the young history of crypto.
TerraUSD was the real heartbreaker, a “stablecoin” regarded as one of the world’s top ten cryptocurrencies before its precipitous collapse in May. Stablecoins are cryptocurrencies whose value is tied to the value of another asset. As TerraUSD’s name implies, it was linked to the U.S. dollar.TerraUSD coins to Luna coins if TerraUSD’s value dropped too low, or the other way around if Luna’s value dropped too far below the U.S. dollar.
Do Kwon was, to put it mildly, an outspoken champion of his system. The Stanford-educated 31-year-old crypto designer was a constant presence on social media, with a Twitter handle of @stablekwon that alluded to the supposedly invulnerable stability of his creation. Kwon spent a great deal of time touting his system, extolling the virtues of cryptocurrency in general, retweeting his admirers, and refuting his critics. His followers liked to call themselves “LUNAtics,” after the name of his other cryptocurrency.
Decentralized finance and decentralized monies protest against state sponsored violence vs financial sovereigntyLiquidations should not invalidate those beliefs
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