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.
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.
Do Kwon didn't last long at Microsoft, spending only three months before deciding to return to South Korea to build his own company.
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.
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.
Do Kwon founded his startup, Anify, a P2P-based communication system in September 2015 according to the Supreme Court Registry Office in Korea.
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.
In 2017, Do Kwon stepped down as CEO of Anify for unclear reasons.
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.
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.
On September 9, 2021, Kwon unveils 'Project Dawn,' a initiative aimed at funding infrastructure and core technology development for the Terra ecosystem.
Dentons lawyers request a copy of the SEC order regarding document service upon Kwon, claiming that the SEC failed to produce the order.
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.
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).
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.
Kwon suggests raising 40 million UST on January 31, 2022, to collaborate with an American sports team.
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.
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.
On June 21, 2022, YTN reported that prosecutors were aiming to invalidate Kwon's South Korean passport.
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.
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.
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.
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.
On March 5, 2024, the Court of Appeals of Montenegro overturned the earlier decision to extradite Kwon to the United States.