Do Kwon, CEO of Singapore-based Terraform Labs made a name for themselves in the cryptocurrency world for four years, all of which ended in a catastrophic decline.
An estimated $60 billion was wiped out of the digital currency space when the Luna crypto network collapsed.
There are two stories about the Luna crypto: TerraUSD/UST stablecoin and the actual Luna coin. TerraUSD and Luna are two sister coins on the same network.
On May 7, over $2 billion worth of UST were destaked and hundreds of millions of UST was liquidated immediately.
Because of collapse, the cryptocurrency space experienced a complete liquidity crisis, causing an even more catastrophic decline in value. The crypto community has yet to recover.
On September 15, it was announced that a South Korean court issued an arrest warrant for Do Kwon. This comes almost four months after the collapse.
Also, Do Kwon has been labelled a fugitive by South Korean prosecutors.