Do Kwon, was once one of the most talked-about names in the crypto industry. He was known for co-founding Terraform Labs and serving as its CEO. Terraform Labs is a Singapore-based blockchain development company that later created the Terra crypto.
Kwon is widely noted for the master brain being the formation of the Terra crypto ecosystem project. What happened to him after all this? Have you heard about the major crypto crash in which Terra Luna cryptos fell, which transformed Kwon’s life?
Recently, he seems to be topping the headlines again. Let us look at his life and current events.
Who Is Do Kwon? What Is Terraform Labs?
Kwon launched Terraform Labs as a crypto start-up which later created the blockchain protocol Terra. It also functions as a payment platform for algorithmic stablecoins. He founded it with Daniel Shin in Seoul, South Korea in 2018.
It was in 2019 that the startup gave form to TerraUSD, its first-ever crypto token. With the help of leading venture capital firms such as Coinbase Ventures, Lightspeed Venture Partners, Arrington Capital, and Galaxy Digital, the start-up was able to raise above 200 million US dollars for the token.
Do Kwon Early Life And Education
Do Kwon was born in 1991 in Seoul, South Korea, and is about to turn 33 this year. He was raised in the city and he pursued his primary and further school education from Daewon Foreign Language High School.
His actual name is Kwon Do-Hyung, while Do Kwon is the name that he is commonly referred to. After his school education, he graduated with a degree in computer science from Stanford University. He later shifted his focus to crypto and tech-based ventures with this rich knowledge in programming and all these eventually led to the founding of Terraform Labs.
Do Kwon Net Worth
As of the latest information that was collected earlier in March 2024, it was noted that Do Kwon was worth 135 million US dollars. He was wealthier than this before the major crypto crash happened in his life.
In the 2022 Terra Luna crypto crash, Kwon lost a major part of his wealth, the reports noted he almost lost 90% of his total wealth. While we analyzed the reports on his net worth before the crash, it was estimated to be around 10 billion US dollars.
He was listed in the ‘30 Under 30 Forbes list’ on Asia Finance & Venture Capital in 2019.
Why Is Do Kwon In News Now?
While talking about Do Kown, we can not go into what is happening right now. It is a major part of his biography as they are about to decide what is going to happen to him in the future.
As for the news and civil case, there are even suggestions that would prevent him from serving in any officer or direction postin, if those suggestions from the finance enforcement bodies do get approved by a civil judge.
Recently on April 19, in a filing that took place in the U.S. District Court for the Southern District of New York, Terraform Labs and Do Kown were asked to pay a rough sum of 4.7 billion US dollars based on the civil case ruling on disgorgement and prejudgment interest.
This was asked by the US SEC. Also, these two parties are to pay a total sum of 520 million US dollars as civil penalties. Out of this, Do Kwon has to pay 100 million US dollars and Terraform Labs has to pay 420 million US dollars.
At the same time, Do Kwon, Terraform Labs, and the SEC have also filed their briefs seeking remedies in the civil case. Terraform Labs suggested a civil penalty of a maximum of 3.5 million US dollars while Kown proposed $800,000 only.
Do Kwon: What Would Be His Future
What are the SEC proposals in Do Kwon’s case?
The SEC has also proposed to bar Do Kown from further serving in the position of a director or an officer of a security issuer firm. Also, he is asked to provide a whole list containing the details of all of his assets and accounts.
If this proposal of the SEC gets approved, then a ‘conduct-based injunction’ would be placed on the crypto firm which would restrict them from engaging in the kind of behaviors that led to the massive fraud. Kwon, SEC, and the firm are waiting to see whether these proposals will be ruled on. It has to be governed by a civil judge.
In their filing on the case, the SEC said that defendants have not shown remorse for their code of conduct so if they get allowed to continue in the same positions they may do the same or even more violations again.
