Nov 25.2023
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Kwon Do-hyung, ex-South Korean businessman and software engineer, co-founded Terraform Labs, overseeing stablecoin TerraUSD and cryptocurrency Luna.
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May 2022 saw Terra's decline as Anchor Protocol faced massive withdrawals. Despite Kwon's efforts, a $3 billion reserve failed, causing TerraUSD's value to plummet, sparking investor outrage.
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Global shockwaves as Ukraine and UK investors suffer massive setbacks with a $40 billion market loss from the cryptocurrency crash.
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Do Kwon's lavish life in Singapore contrasted with his investors' nightmares. He was later detained while fleeing to Dubai, he faces arrest and Montenegrin jail.
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Kwon accused of deceiving investors and accumulating crypto wealth. South Korea and the US seek extradition from Montenegro, pending local proceedings.
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Court in Montenegro rules Do Kwon, linked to the $40bn TerraUSD collapse, may face fraud charges, paving the way for possible extradition to the US or South Korea after months in jail.
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Kwon's saga underscores cryptocurrency's unpredictability, highlighting industry perils and repercussions in its dynamic evolution.
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