Yonhap News Agency reported that the global virtual currency market has suffered a huge impact due to the collapse of the South Korean virtual currency Luna currency and the stable currency “TerraUS” (UST currency) (from a single currency price of up to $119.5 to less than $0.0002). The founder: Do Kwon has also attracted much attention.
According to reports, the 30-year-old Do Kwon is a young entrepreneur with a gorgeous resume. After graduating from a foreign language high school, Do Kwon went to Stanford University to major in computer engineering. He worked as an engineer at Apple and Microsoft, and co-founded Terraform Labs in 2018. Since Luna coin and UST coin once jumped to the top virtual currencies in terms of total market value, Do Kwon also made his fortune and became the darling of the cryptocurrency industry. Because of his resemblance to Musk, who likes to use Twitter (whose Twitter account has nearly a million followers), Do Kwon is called “the Korean version of Musk”.
However, South Korea’s “Asia Daily” said that the UST currency has been irreversibly decoupled from the US dollar price since the 12th of this month. In less than a week, the Luna currency recorded the largest decline in the virtual currency market, which fell by 99.99%. Affected by this, Bitcoin fell by more than 20%, and some small virtual currencies fell by more than 50%. “Do Kwon fell from the altar.” Yonhap News Agency mentioned that the company has had a lot of controversy since its inception. It has been pointed out before that the trading algorithm of Luna and UST is a “Ponzi scheme“. The British “Guardian” said that the aftermath of the incident will be no less than the collapse of “Lehman Brothers“.
South Korea’s “Financial News” website reported on the 18th that the crash caused more than 200,000 people in South Korea to suffer losses. Considering that the currency has been traded in more than 80 countries and regions, Do Kwon may be prosecuted by many countries.