What happened to terrausd & Luna?

TerraUSD and Luna collapsed in May 2022, wiping out almost $45 billion market capitalization in one week and causing hundreds of billions in losses in the larger crypto market. Kwon faces legal and social pressure regarding his role in the Terra crash.

What happened to terraform Labs founder do Kwon?

Terraform Labs founder Do Kwon transferred $7 million (KRW 9 billion) to a law firm in South Korea just before his company’s high-yielding stablecoin Terra and its companion token Luna collapsed last year, triggering a wider wipeout in the crypto market. Police officers escort Do Kwon in Podgorica, Montenegro.

What is terraform's Luna Currency?

Mr. Shin and Mr. Kwon began marketing the Luna currency in 2018. In 2020, Terraform started offering TerraUSD, which is known as a stablecoin, a type of cryptocurrency designed to serve as a reliable means of exchange.

What is the relationship between Luna and Kwon?

Instead, it derived its supposed stability from algorithms that linked its value to Luna. Mr. Kwon used the two related coins as the basis for more elaborate borrowing and lending projects in the murky world of decentralized finance, or DeFi.