Recently, a tweet made by Unusual_whales went viral where they stated that South Korean authorities believe Do Kwon is hiding in Serbia. He is the founder of Luna and Terra USD and is also responsible for creating its hype around the world. His failure led to one of the biggest crashes in the crypto market, around 40 billion dollars. It devastated many traders and wealthy investors around the world.
About Do Kwon and Luna
Do Kwon is a popular South Korean entrepreneur who entered the crypto industry in 2018 by creating his token, Luna. In the beginning, he made multiple tweets praising Luna and its world-changing potential, attracting investors and supporters towards the coin and referring to them as Lunatics.
All of his businesses and inventions came under his company, Terraform Labs. He also raised more than 200 million USD in funding from different investment agencies for its upcoming crypto projects.
Over these years, the price of Luna boosted by over 40 billion USD, ranking it among the top cryptocurrencies worldwide. It also created a state of excitement among traders and investors around the world and forced them to become Lunatics. Another thing that made him and his coin so famous was his confidence towards its invention and fearless attitude.
The downfall of Luna and Terra
Luna token and Terra USD’s downfall were as quick as they grew. Over the last couple of weeks, Luna and terra USD, developed by Do Kwon, suffered a massive downfall. Their collapse significantly impacted the crypto market and became a reason for the decrease in the price of many other huge cryptocurrencies, such as Bitcoin and ETH. In total, the crypto market suffered a loss of 300 billion dollars.
This massive downfall brought the price of Luna from hundreds of dollars to nearly zero. After all these incidents, Do Kwon ran away with all the money left, and now people worldwide are searching for him. Some tweets say that South Korean authorities believe Do Kwon is hiding in Serbia.
What are your thoughts on Do Kown and his inventions, Luna and Terra USD? How long will the impact of the Luna and Terra USD’s downfall be seen in the crypto industry? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.