Do Kwon's Crypto Collapse

A story about how Do Kwon, the founder of Terra/Luna, evolved from a promising Stanford graduate to a controversial crypto figure whose project ultimately collapsed.

"Do Kwon was a Stanford computer science graduate who started working on mesh networking internet for his first startup. Then he decided crypto was the future and wanted to create a stablecoin project.

At first, he seemed like this smart, want-to-change-the-world kind of guy. But he became kind of an egomaniac. He developed this Donald Trump or Elon Musk style persona where if you disagreed with him, he wouldn't just agree to disagree - he would actively shit on you, call you stupid and poor, and make fun of you.

He would call critics 'fudsters' (spreading fear, uncertainty, and doubt). When someone on Twitter laid out a specific 15-step plan showing how someone with $1 billion could destroy Terra, which was worth $40 billion at the time, Do Kwon retweeted it saying 'this is the most retarded thing I've read on Twitter' and challenged billionaires to try it.

Two weeks later, someone actually did try it. They started dumping $1 billion worth of the stablecoin, which caused the peg to drop. The project went into a death spiral, and Luna went from over $100 to less than a penny, wiping out $48 billion in value.

The final twist was that it turned out Do Kwon was actually the anonymous cofounder of Basis, a previous failed stablecoin project. As I say - fool us once, shame on you, fool us twice, what the hell is wrong with you."