Was Ust's do Kwon the mastermind of base cash?

UST’s Do Kwon was the mastermind of the failed stablecoin project called the Basis Cash, as per the learnings. The findings by Coindesk suggest that the CEO of Terraform Labs was one of the pseudonymous co-founders of Basis Cash.

Who is do Kwon?

Listen to this article. CoinDesk has revealed billionaire Do Kwon was one of the two co-founders of Basis Cash, a failed algorithmic stablecoin project that preceded Terra — another Kwon creation that has infamously de-pegged from the US dollar this week. Kwon and his co-founder used the pseudonyms “Rick” and “Morty” in Basis Cash communications.

What happened to basis cash?

Kwon and his co-founder used the pseudonyms “Rick” and “Morty” in Basis Cash communications. The failed project launched on the Ethereum network in late 2020 to much anticipation but never managed to maintain its peg of $1 for a sustained period.

What is base cash?

Basis Cash claims to have been a decentralized spinoff of Nader Al-Naji’s original Basis. It uses three tokens with names similar to the ones used by Basis – Basis Cash, Basis Shares, and Basis Bond. It planned to issue more Basis Bonds whenever Basis Cash dropped below $1.