What happened to Kwon's stablecoin?

Kwon’s stablecoin, TerraUSD (UST), meant to always be worth $1, collapsed to as low as 13 cents last week and dropped to as low as nine cents this week. As a result, Kwon’s cryptocurrency, Luna, also collapsed, resulting in massive losses for investors .

How did Kim Kwon become a cryptocurrency investor?

Kwon raised $1 million in grants from angel investors and the South Korean government. It was through experimenting with this distributed network that he first started learning about cryptocurrency. In 2017, seeing the crypto market explode in value without actually providing “real use,” he decided to mend the gap.

What are the risks to Kwon's strategy?

Obviously there are risks to Kwon’s strategy. The money at the center of the Terra universe – an algorithmic stablecoin – could fly out of orbit. It’s happened to plenty of other currencies that try to maintain stability without centralized control.

Who is Ticket Monster co-founder Shin kwon?

Shin, a co-founder of Ticket Monster, is a legendary figure in the Korean tech scene. His e-commerce site was founded in 2010 with just a 5 million won annual budget, and quickly grew into one of the nation’s largest internet companies. By the time he met Kwon, his career was in its second act.