SEOUL, March 25 — Once hailed as a genius, South Korean entrepreneur Do Kwon — now facing multiple criminal charges over his failed cryptocurrency — was a brash industry...
SEOUL, March 25 — Once hailed as a genius, South Korean entrepreneur Do Kwon — now facing multiple criminal charges over his failed cryptocurrency — was a brash industry figure whose fame disintegrated into global notoriety.
The cryptocurrency he created, an “algorithmic stablecoin” called Terra, was in reality a glorified Ponzi scheme, experts say. He went on to major in computer science at Stanford University in the US, and reportedly interned at Apple and Microsoft before returning to Asia to start his own business. “With the aim of building a blockchain-based payment system, Terra has raised US$32 million from crypto-giants such as Binance,” it said.But experts had long warned Kwon’s model was fundamentally flawed, with some outright calling it a Ponzi scheme.
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