The Life of Do Kwon: Fame, Fortune, and Crime

Do Kwon was once a star figure in the cryptocurrency world, having founded the Terra project, which was valued at over $40 billion. However, overnight, Terra collapsed, and Do Kwon fell from grace, becoming a pariah and starting a life on the run.

Genius Boy

Do Kwon was born in 1991 and showed exceptional talent from a young age. He graduated from a prestigious foreign language high school in Seoul and was admitted to Stanford University through a global leadership program. During his university years, Do Kwon studied computer science systematically and developed an entrepreneurial dream under the influence of the Silicon Valley atmosphere.

In 2015, 24-year-old Do Kwon graduated from Stanford and briefly worked at Apple and Microsoft. However, he quickly grew tired of life in big companies and decided to return to South Korea to start his own business, fulfilling his ambition to change the world.

Starting a Business

After returning to the country, Do Kwon founded Anyfi, hoping to achieve free internet access through a mesh network. The project secured $1 million in funding, including support from Korea's largest theme park.

During the operation of Anyfi, Do Kwon encountered blockchain technology and developed a strong interest in it. He began writing a white paper to explore how to build applications on top of cryptocurrency, creating an easy-to-use digital cash.

The Birth of Terra

During this process, Do Kwon met another successful entrepreneur, Daniel Shin. Shin's previously founded company, TMON, achieved an annual revenue of 288 million dollars and was acquired by an American company.

The two hit it off and decided to collaborate on developing a decentralized online payment platform. Do Kwon is in charge of theory and technology, while Shin focuses on commercialization and resource integration. They named the project "Terra."

In 2018, Terra secured a $32 million investment from well-known exchanges including Binance and OKEx. 15 e-commerce companies also signed partnership agreements with Terra. Terra began to develop rapidly.

Glorious Era

In 2021, with the arrival of a bull market in the cryptocurrency market, Terra experienced explosive growth. Its native token LUNA's price surpassed 100 dollars, and its market value once exceeded 40 billion dollars. Terra became the second largest blockchain, second only to Ethereum.

28-year-old Do Kwon was named one of Forbes' 30 Under 30 elites, with an estimated net worth of over $1 billion. He is very confident in the algorithm he designed, believing that Luna will become "the largest decentralized currency of the cryptocurrency era."

Do Kwon began to become arrogant, mocking skeptics as "poor people" and "cockroaches." He disregarded the warnings of many industry insiders, believing that Terra's algorithmic model was unbreakable.

Crash

In May 2022, influenced by factors such as the Federal Reserve's interest rate hikes, Bitcoin prices plummeted. Some investors began to short Terra.

On May 8, someone suddenly sold 84 million UST, causing panic. Do Kwon attempted to raise funds to stabilize the situation, but it was too late. UST decoupled, LUNA plummeted, and Terra's valuation evaporated by 40 billion dollars within 48 hours.

The collapse has caused huge losses for investors, with some losing their entire fortunes and even committing suicide. The entire crypto industry has been severely impacted, with several institutions going bankrupt.

Escape and Trial

After the collapse of Terra, Do Kwon faces accountability from all sides. The South Korean prosecution issued an arrest warrant against him for violating the Capital Markets Act, and Interpol has issued a red notice.

Do Kwon chose to flee, moving through various places. He denies any wrongdoing, claiming that the charges are politically motivated. However, he has never disclosed his exact location.

Today, the once-mighty Do Kwon has become a rat in the streets. This genius boy who chased dreams ultimately got lost in the world of fame and fortune. His life is akin to a modern-day "Faust."