Terraform Labs and Do Kwon reached an agreement in principle with the SEC in the case. (Reuters)
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The Story of Do Kwon: From Success to Collapse and Subsequent Uncertainty
Do Kwon is an entrepreneur and computer scientist who entered the cryptocurrency world by establishing Terraform Labs in 2018 and gained a great reputation in a short time. Aiming to create an alternative payment network to the traditional financial system with the algorithmic stablecoins UST and Luna he developed, Kwon managed to attract a large audience of investors thanks to his vision and marketing skills.
From Success to the Top:
Kwon's project attracted a lot of attention, especially because Anchor Protocol offered high interest rates. Investors could earn interest rates of up to 20% annually by depositing UST into Anchor Protocol. This caused UST to be in demand and its price to increase. Luna, on the other hand, served as an asset used to stabilize the UST.
From Success to the Top:
Kwon's project attracted a lot of attention, especially because Anchor Protocol offered high interest rates. Investors could earn interest rates of up to 20% annually by depositing UST into Anchor Protocol. This caused UST to be in demand and its price to increase. Luna, on the other hand, served as an asset used to stabilize the UST.
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
