Terraform Labs CEO Do Kwon Faces Scrutiny Over Failed Stablecoin Ventures

Terraform Labs CEO Do Kwon has once again been embroiled in controversy following the collapse of yet another stablecoin project. The South Korean entrepreneur's history is marked by a pattern of failed ventures, with some investors expressing concerns about his ability to manage financial risk.

While details are still emerging about the latest failure, industry experts point to Kwon's previous projects as evidence of his struggle to stabilize digital currencies. In 2009, he founded All Secure Network (ASN), a now-defunct cryptocurrency exchange that faced allegations of insider trading and market manipulation.

Kwon's subsequent venture, TerraUSD (UST), was launched in 2020 as a stablecoin designed to maintain a peg with the US dollar. However, its value plummeted last year, wiping out millions of dollars in investor funds.