South Korean Do Kwon presided over one of the biggest busts ever in the volatile crypto sector. His Terraform Labs Pte created the TerraUSD stablecoin, which was meant to have a constant $1 value via a complex mix of algorithms and trader incentives involving a sister token, Luna. Their combined value soared past $60 billion until confidence in the system evaporated in May 2022, prompting investors to flee and denuding the tokens of value. Kwon’s whereabouts became unclear four months later after South Korea issued an arrest warrant on allegations including breaches of capital-markets law. He denied any wrongdoing or ...
