Terra Co-Founder Lost Nearly All His Wealth in Wipeout, WSJ Says

Jun 23,2022
KingData News:Terraform Labs co-founder Do Kwon, whose crypto ecosystem collapsed in a $40 billion wipeout in May, told the Wall Street Journal that he lost almost all his net worth in the crash. “This doesn’t bother me,” he said in the interview with the Journal published Thursday. “I live a fairly frugal life.” Kwon told the newspaper he was probably a billionaire when the Luna token Terraform Labs backed was trading near $100. That coin is now trading at close to zero.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.