Last Updated:

2024-04-06 00:24:19

Do Kwon

Former CEO of Terraform Labs

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Former CEO of Terraform Labs

Do Kwon, also known as Kwon Do-Hyung, is a South Korean businessman and software engineer. He co-founded Terraform Labs, the company behind TerraUSD and Luna. Kwon is facing legal issues after the collapse of TerraUSD and Luna, leading to significant market losses. He was arrested in Montenegro in March 2023 for using falsified documents and is charged with multiple fraud-related offenses by a US federal grand jury.

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1991-09-06

Birth of Kwon Do-hyung

Kwon Do-hyung, the renowned South Korean crypto entrepreneur, was born on September 6, 1991. He is known for his contributions to the crypto industry.

1998

Do Kwon leaves Microsoft to start his own company in South Korea

Do Kwon didn't last long at Microsoft, spending only three months before deciding to return to South Korea to build his own company.

2002

Do Kwon marries Yeo Min-Jeong

In 2002, Do Kwon married Yeo Min-Jeong and they have been together for almost 20 years. This event signifies a significant milestone in Do Kwon's personal life.

2010

Studying Computer Science at Stanford University

In 2010, Do Kwon went to the United States to study computer science at Stanford University, which laid the foundation for his future ventures in the crypto and tech industries.

2015-09

Founding of Anify

Do Kwon founded his startup, Anify, a P2P-based communication system in September 2015 according to the Supreme Court Registry Office in Korea.

2016-01

Establishment of Anyfi

In January 2016, Do Kwon returned to South Korea to develop his startup, Anyfi. The company faced scrutiny for receiving government funding despite conflicts of interest and inappropriate use of funds.

2017

Do Kwon Steps Down as CEO of Anify

In 2017, Do Kwon stepped down as CEO of Anify for unclear reasons.

2018-01

Founding of Terraform Labs

In January 2018, Do Kwon co-founded Terraform Labs Pte. Ltd. with Daniel Shin. The company later released the cryptocurrency Luna and introduced the stablecoin TerraUSD (UST) in 2020.

2021-05-24

SEC sends formal email to Kwon regarding Mirror Labs

On May 24, 2021, the SEC's Enforcement Division contacts Kwon via email regarding Mirror Labs, as part of their investigation into Terraform Labs and Kwon.

2021-09-09

Kwon introduces 'Project Dawn' for Terra ecosystem development

On September 9, 2021, Kwon unveils 'Project Dawn,' a initiative aimed at funding infrastructure and core technology development for the Terra ecosystem.

2021-09-26

Dentons lawyers request SEC order copy

Dentons lawyers request a copy of the SEC order regarding document service upon Kwon, claiming that the SEC failed to produce the order.

2021-11-01

Discovery of 88 million LUNA received by Kwon

Terra's community uncovers that Kwon received 88 million LUNA, valued at over $3 billion, into his controlled wallet. Kwon reassures the community that he will not appropriate the funds.

2021-12-17

SEC Violation Allegations by Dentons Attorney

Dentons attorney Douglas W. Henkin files a document with a New York federal court accusing the SEC of improperly serving legal papers on Kwon, citing a violation of Rule 150(b).

2021-12-20

SEC Papers Serving Dispute in New York Court

Kwon's attorneys contest in a New York court hearing that the SEC violated its own rules by improperly serving legal papers on Kwon during a New York City conference.

2022-01-31

Kwon proposes raising 40 million UST for partnership with American sports team

Kwon suggests raising 40 million UST on January 31, 2022, to collaborate with an American sports team.

2022-03-29

Do Kwon's $29B DeFi ecosystem, Terra

Do Kwon, the founder of Terra (LUNA), has built a DeFi ecosystem with $29 billion in Total Value Locked (TVL) within its protocols. The ecosystem's marquee stablecoin, UST, has become the world's third-largest stablecoin with a $15 billion market capitalization, a significant increase from $1 billion in market cap just one year ago.

2022-05-09

Depegging of UST and collapse of Terra/Luna

The stablecoin UST depegged, leading to the collapse of Terra/Luna and wiping out billions in market value for investors. Do Kwon, the founder, introduced a 'revival plan' transferring ownership to users and holders.

2022-06-21

Prosecutors seek to invalidate Kwon's South Korean passport

On June 21, 2022, YTN reported that prosecutors were aiming to invalidate Kwon's South Korean passport.

2022-09-14

Arrest warrant issued for Kwon and five others in South Korea

On September 14, 2022, a South Korean court issued an arrest warrant for Kwon and five others on allegations of violations of Korean capital markets law.

2023-01-21

Chapter 11 bankruptcy filing of Terraform Labs

Terraform Labs, the company founded by Do Kwon, filed for Chapter 11 bankruptcy in the US. This move was seen as a strategic decision to pursue an appeal in a securities fraud case brought by the SEC.

2023-03-23

Arrest of Do Kwon in Montenegro

On 23 March 2023, Do Kwon was arrested in Montenegro while trying to travel to Dubai using falsified documents. Subsequently, he faced charges by a US federal grand jury on multiple counts including securities fraud and conspiracy.

2024-01-11

Kwon's lawyers request trial delay in SEC v. Terraform Labs

On January 11, 2024, Do Kwon's lawyers asked to delay the trial in SEC v. Terraform Labs to mid-March 2024 for his extradition to the US.

2024-03-05

Court of Appeals of Montenegro overturns extradition decision

On March 5, 2024, the Court of Appeals of Montenegro overturned the earlier decision to extradite Kwon to the United States.

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Do Kwon