CryptoCurrency News - June 18, 2022

Founder and CEO at Terra – Do Kwon – posted for the first time in the past week following a massive market downturn where major cryptocurrencies are all down double-digits.

  • Do Kwon is the man behind the Terra Ecosystem – once a multi-billion dollar project that was run to $0 because of an algorithmic exploit that enabled traders to literally run LUNA’s price to zero in a matter of days.
  • This wiped tens of billions of capital and unraveled a chain of events that later turned out to be devastating for the entire industry.
  • Popular for his snarky remarks along the lines of “your size is not size,” Kwon broke a 6-day silence hours ago with a thread of Tweets.

“Be the change you want to see.” – said Kwon.

  • He argued that “the last month for crypto has lessons that will power the rise of the next-gen of builders to great heights.”
  • Perhaps referring to the current situation, he also said that:

Volatility is a price believers pay to achieve that (read: financial) sovereignty.

  • Meanwhile, South Korea’s National Tax Service has reportedly ordered Terraform Labs, Do Kwon, as well as other executives, to pay a fine of $78 million for tax evasion penalties.
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