Hey there! Ever wondered about the net worth of the crypto genius, Do Kwon?
Well, buckle up because we’re about to dive into the financial world of this tech-savvy entrepreneur. Do Kwon, known for his notable contributions to the blockchain industry, has made quite a name for himself.
Kwon has been at the forefront of innovation in the decentralized finance area. He helped start Terraform Labs and made the Terra blockchain and its own stablecoin.
But how has his groundbreaking work translated into financial success?
In this article, we’ll explore Do Kwon net worth, taking a peek into his investments, ventures, and achievements. So, if you’re curious to know just how much this crypto pioneer has accumulated, keep reading!
What is Do Kwon’s Net Worth and Salary in 2023?
|September 6, 1991
|31 (as of 2023)
|Seoul, South Korea
|Stanford College (Computer Science)
|Daughter – Luna
|Estimated between $135 – $150 million (as of 2023)
|Source of Wealth:
|Cryptocurrency (Founder of Basis Cash and Terra (LUNA))
Do Kwon is a business owner and software engineer from South Korea. He is best known for co-founding Terraform Labs, a company that makes blockchain technology.
In 2023, Do Kwon’s net worth is estimated to be between $130 million to $150 million, according to various sources. This is a significant decrease from his previous net worth of around $12 billion before the collapse of his cryptocurrency, Luna.
Despite the downfall, he still maintains a considerable fortune, primarily attributed to his Bitcoin holdings in the Luna Foundation Guard wallet and other remaining reserves.
Do Kwon Overview: Why is Do Kwon Famous?
Early Life and Education
Do Kwon, born on September 6, 1991, in Seoul, South Korea, is a renowned figure in the world of cryptocurrency. His early education took place at Daewon Foreign Language High School in his hometown of Seoul.
Following his high school education, Kwon moved to the United States to pursue higher studies. He enrolled Stanford University, one of the most elite schools in the U.S., known for its high academic standards and low acceptance rate of just 5%.
In 2015, he got a Bachelor’s degree in Computer Science from Stanford, where he showed he was good at computer languages like C++, Java, and Python.
After graduation, Kwon gained valuable experience working as a software engineer at two tech giants, Apple Inc. and Microsoft Corp.
As a software engineer, he worked for a short time at Apple and Microsoft. In 2016, he went back to South Korea to start his own company, Anyfi, which is a peer-to-peer communications system that uses mesh network technology.
However, his most significant venture came in 2018 when he co-founded Terraform Labs with Daniel Shin. The company aimed to create a decentralized price-stable cryptocurrency and developed the Terra proof-of-stake (PoS), a public blockchain built on the Cosmos SDK.
They also minted the noninflationary stable coin LUNA, used as a native asset on the Terra Blockchain. Under Kwon’s direction, Terraform Labs managed the creation of CHAI, an e-commerce platform that used Terra stablecoin.
In May 2022, Kwon’s career took a turn for the worse when TerraUSD, the coin made by Terraform Labs, crashed. This led to him getting in legal trouble.
An arrest warrant was issued for him in South Korea, and he was added to Interpol’s Red List. Investors filed lawsuits against him, including a class action lawsuit in Singapore.
In March 2023, Kwon was arrested in Montenegro while trying to use forged documents to board an international flight.
On the same day, US prosecutors announced eight charges against Kwon, including:
- Securities fraud
- Wire fraud
- Commodities fraud
On 23 March 2023, Kwon is serving a four-month prison sentence in Montenegro and faces investigations in the U.S. and South Korea.
Despite these challenges, Kwon has shown a deep connection to his work, even naming his daughter Luna after his greatest invention.
His professional actions have also caused problems in his personal life. For example, an investor who said he lost about $2 million reportedly broke into Kwon’s high-rise condo building to demand an apology.
FAQs about Do Kwon
Is Do Kwon still a billionaire?
No, Do Kwon is not a billionaire anymore but he’s still rich. His net worth is estimated to be between $135 – $150 million as of 2023.
How did Do Kwon make his money?
Do Kwon made his fortune from his two major stablecoin projects Basis Cash and Terra (LUNA). Prior to the Terra crash in 2022, his net worth was an estimated $4 billion.
What is Do Kwon’s real name?
Do Kwon’s real name is Kwon Do-Hyung.
Who is the largest shareholder of Bitcoin?
The largest holder of Bitcoin is believed to be Satoshi Nakamoto, the pseudonymous founder of Bitcoin.
Where is Do Kwon now?
Do Kwon was arrested in Montenegro on March 23, 2023. He is facing legal repercussions from citizens across different jurisdictions, including South Korea, Singapore, and the US.
Sam Bankman-Fried, aka SBF, has an estimated net worth of $26 billion. Since FTX had gone bankrupt on November 11, 2022, the Bloomberg Billionaires Index thought that his net worth was now $0.
In conclusion, Do Kwon has made a lot of money because of what he has done for the blockchain business. Because of his creative business ideas and ground-breaking work in autonomous finance, he has built up a large net worth. Kwon’s story is an inspiration for people who want to start their own businesses in the crypto world. It shows how much money can be made in this fast-changing field.