Terra's Do Kwon: How a trash-talking crypto bro caused a US$40b crash

1 month ago 293

NEW YORK (NYTIMES) - Do Kwon, a trash-talking entrepreneur from South Korea, called the cryptocurrency he created in 2018 "my greatest invention." In countless tweets and interviews, he trumpeted the world-changing potential of the currency, Luna, rallying a band of investors and supporters he proudly referred to as "Lunatics."

Mr Kwon's Singapore-incorporated company, Terraform Labs, raised more than US$200 million from investment firms such as Lightspeed Venture Partners and Galaxy Digital to fund crypto projects built with the currency, even as critics questioned its technological underpinnings. Luna's total value ballooned to more than US$40 billion, creating a frenzy of excitement that swept up day traders and start-up founders, as well as wealthy investors.

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