Kwon Do-hyung (Kwon Do-hyung)

is a 31-year-old South Korean man who holds a bachelor's degree in computer science.

Stanford University

He also worked at global tech giants like




before later in 2018 turned himself into a company called

Terraform Labs

, the company behind the successful



Terra Chain

. with


as the main coin in various transactions

Within its own ecosystem, there is also

Terra USD (UST)

, a


on the

Ethereum blockchain.

until able to create a market value of more than 40 billion US dollars

During the booming digital asset market

Kwon Do-hyung, CEO of Terraform Labs

And for this reason

, Kwon Do-hyung

is referred to in his homeland as the

"Korean version of Elon Musk"

, especially for his love of using Twitter to communicate with his supporters, including:


those who dared to criticize him.

However, in the midst of that admirable success

Attracting investors by providing interest rates of up to

20% per annum

, as well as always keeping the coin value equal to 1 USD.

through a unique algorithm

By using the LUNA and UST coins through the Mint&Burn mechanism to stabilize the coin, Terra is considered by some economics experts to be a "distant bulldog".

In addition to algorithms, there are vulnerabilities.

It's also almost no different from the

"Ponzi Scheme

", but

"Korean version of Elon Musk"

has cynically responded to those criticisms through the media, saying:

“I don't want to exchange views with the poor.”

But then... the status change from

"Korean version of Elon Musk"

to becoming

"Elizabeth Holmes), former CEO Theranos

, the creator of the legendary blood test kit. The deceitful world of Silicon Valley of

"Kwon Do-hyung"

has arrived.

Last May, the UST coin dropped its value at $1 per coin.

After yielding a high interest rate of 20% per annum, capital inflows into

Anchor Protocol

, a platform for direct UST deposits by investors without having to go through too many brokers.

Until unable to pay returns to investors and even Kwon Do-hyung tried to raise funds.

which is said to be worth at least $1.5 billion

to use to salvage the situation and bring everything back to normal

But the onslaught of speculators combined with the panic of many retail investors flocked to the LUNA and UST to escape fears.

It all came to an end. UST dropped to a low of 9 cents for $1!

From the initial estimate, the total value of this loss is expected to be at least

60 billion US dollars.

At the same time, the catastrophe is also the beginning of the domino collapse of crypto borrowing platforms.

The three giants are 

Arrow Capital, Celsius Network and Voyager Digital


The fall of Terra immediately caught the eye of Kwon Do-hyung.

After those investors who were affected by the catastrophe

South Korea, in particular, has come together to demand the prosecution of Kwon Do-hyung for fraud.

It was also reported that shortly before LUNA and UST came to an end, Kwon Do-hyung secretly stole profits from the Singapore-based company's LUNA and UST tokens into the British Virgin Islands.

in the hopes of evading taxes worth more than

50 billion won.

After three months of investigation, South Korean prosecutors issued arrest warrants for "Korean version of Elon Musk" along with five others who are still residing in Singapore.

He was charged with violating Capital Market Law following a raid on the offices of Terraform Labs and its subsidiaries in South Korea.

including the residence of the company's executives

Since the beginning of September

At the same time, the South Korean Ministry of Justice has also coordinated with the US authorities.

to cooperate in the investigation of this case.

It will also be coordinated with Interpol and the Singapore government.

to request the extradition as well

amidst the tears of investors

Especially the small people who lost a lot of money to the disaster that happened. Kwon Do-hyung came out in an interview through the media about his own failure only once.

It also has a personality that is different from the stain.

The "arrogance, arrogance"

of the past completely

By he said...

“I think UST is a huge failure in terms of proper risk assessment, although I previously thought that UST was an inevitable necessity.

And it will become the main currency of crypto in the future.”

However, in the important opening

Not a single sentence expresses an attempt to take responsibility for this catastrophic event.

Special news team, Thairath Online reports.

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