Founder of Terra's Do Kwon Had A Dark Past?
Did Do Kwon have a run in on fail stable coin projects while also working on Terra chain? Did he truly come up with a revolutionary idea to have an asset pegged to the USD? Or was all his work just some form of scams? In this post we refer to some articles related to what Do may have likely done in the past that lead up to the creation of Terra.
Failed Stable Coin Basic Cash
Back in Nov 2020 some anonymous developers forked a project that introduced a token that would peg to the US dollar. The project was called Basic Cash.
I will describe in short what Basic Cash is if you don't want to read the entire article in the link. On lauch Basic Cash will offer investors 50,000 BAC that is back by nothing. BAC then is setup in an algorithm to be pegged to the USD. In order to receive BAC investors have to deposit specific coins on Basic Cash, five of them: DAI, USDC, sUSD, Tether, or yCRV. The idea is investors who put up the most deposits will earn the most BAC. A smart contract id develop to keep track of balances and BAC distribution.
After a month the assets are moved over to Uniswap and only two pools would be earning additional BAC. They are DAI to BAC and BAC with another Basic Cash token BAS.
Investors who earn BAC can setup additional pools with other stable coins. The BAC itself can hold peg by selling or buying bonded versions to control its supply. The initial start for the project is limited to 50,000 BAC.
Fast forward about 18 months later you maybe wonder how is BAC doing? Basic Cash app website currently not usable. The BAC value is essentially zero.
After the 30 days of BAC distribution once in the pools for swap BAC lost pegged and never looked back.
Who Were The Anonymous Developers?
Article Linking Do Kwon To Being One of the Anonymous
Directly from the article:
Hyungsuk Kang, a former engineer at Terraform Labs (TFL), said Basis Cash was, in fact, a side project from some of Terra’s early creators, including himself and Kwon. Kang ultimately left TFL to build a Terra competitor called Standard Protocol.
Snapshot chat proof of Kwon perpitrating himself as one of the developers of Basic Cash, Rick Sanchez, a pseudonym from the popular animated TV show “Rick and Morty.”
The article does not directly point out Kwon as one of Basic Cash developers but there was more damming evidence that Kwon spent time in Basic Cash even though he portrayed as only a user of Basic Cash.
But even amid Basis Cash’s struggles, Kwon’s main account could be spotted from time to time in the project’s Telegram, sans pseudonym.
A user surprised to find Terra’s founder in the Basis Cash Telegram group once asked Kwon what he was doing there.
“I like studying new things. Especially old things that are new again,” he responded.
Conclusions
Right now Do Kwon has yet to comment on the situation with Terra. After yesterday trying to push for a proposal to curtail the Luna and UST fiasco he has been radio silent.
UST is now below $0.4 while Luna is less than half a cent!
All of this in a matter of days over $10 billion in market cap just gone from the chain.
Did Do Kwon rug pull many loyal cryptocurrency fans? Or this was an attack on Terra that lead to its down fall? Leave you to decide but the trails that Do Kwon leaves behind do not convince me his hands are clean.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.
They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.
https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?
They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.
They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.
https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?
They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.
They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.
https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?
It does look a conspiracy gone wrong leading to a scam.
Do kwon has nothing to say, there's Just more to this than meets the eye.
Shame what's going on. Immediate rescue needed.
Brilliant Post Mr Mawit, thank you for this great insight🔥
I am ashamed didn’t find this info sooner. Before it fall off a cliff.
Nothing to be ashamed off, if it mooned the story will be different.
This is investment, loss and gain at its best example.
We can only Hope🤞🤞
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Interesting, I didn't know about that story. I wonder how much more will be unearthed in the next few days.
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maybe just maybe
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I have a feeling it was just an attack. If it wasn't, he wouldn't be melting down over Twitter and I saw the information about his dark past. UST seems to have a lot of similarities so I don't think he learned from that project.
Posted Using LeoFinance Beta
Now that Luna is at half a penny do you think it would be wise to buy a bunch up in hopes that it would regain some of it's previous value?
It is worse than a meme coin now. Recommend avoid as it will end up worthless in the end. There can be infinite amount of Lunas created so imagine trying to buy many of them only to come and find there are many more in circulation.