Do Kwon, born Kwon Do-hyung, is a South Korean former businessman and software engineer. He was the co-founder and CEO of Terraform Labs, the parent company of TerraUSD and Luna, two cryptocurrencies that collapsed in May 2022. The collapse wiped out almost $45 billion in market capitalization in one week and caused hundreds of billions in losses in the larger crypto market.

Kwon was born in Seoul, South Korea, on September 6, 1991. He attended Daewon Foreign Language High School in Seoul and later received his B.S. in computer science from Stanford University in 2015. After working briefly as a software engineer for Microsoft and Apple, Kwon returned to South Korea in January 2016 to develop and found his startup, Anyfi. In January 2018, Kwon co-founded Terraform Labs Pte. Ltd. with entrepreneur Daniel Shin.

Terraform Labs released a cryptocurrency called Luna in 2018 and began selling its stablecoin, TerraUSD (UST), in 2020. The Terra blockchain, which includes both UST and Luna, had stable mining incentives that were purported to create an elastic monetary policy alongside an efficient fiscal policy to counteract potential low adoption and limited use cases. The UST stablecoin used an algorithm linked to the Luna supply to maintain a value of around $1, unlike other coins that are pegged to cash.

However, the Terra blockchain collapsed in May 2022, beginning when UST started to break its peg to the U.S. dollar. Over the next week, the price of UST plunged to 10 cents, while Luna fell from an all-time high of $119.51 to virtually zero. Luna 2.0, now called LUNA on trading platforms.