The crash of Terra has led to the fall of the entire crypto market, bringing back traditional and centralized forms of assets to the spotlight. The decline of the UST stablecoin and its sister token LUNA came crashing down and caused heavy financial losses to its investors. Amid all this chaos in the market, the Terra CEO has been hitting the headlines after the South Korean government charged Do Kwon with tax evasion and several other charges. In fact, Kwon bad-mouthing his critics and other crypto founders are also some of the several reasons why he has gained quite a reputation in the market. The memes and classist slurs that Kwon has inflicted upon others are now biting him back, and also at a time when the firm is facing severe liquidations and its dollar-pegged stablecoin has literally torn itself apart and the crypto market along with it.
Followed by the recent incidents in the crypto market, Do Kwon has initiated several programs that would help Terra regain back its lost value. But the shareholders have struck down almost every other idea that Kwon pitched. Maybe his arrogance was one of the many reasons why the entire legal team of the TerraForm Labs resigned soon after the cryptocurrencies fell apart, taking down its entire blockchain network, along with it. Kwon was believed to be someone who was too smart and popular to fail. But he did! His warnings and threats to his competitors did not really do much justice to him.
The fact that he states that almost 95% of the other digital assets would also fail is another indication of the overestimation of his own capabilities. Terra's collapse brought to light some of the most critical aspects that were unknown about Kwon. Currently, he is facing all manner of accusations by angry investors, including the South Korean government that has charged the Terra CEO with allegations of fraud and insider trading. Well, it is quite safe to say that Do Kwon is in a vulnerable position.
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