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DOMAINS TOKEN-G

Ronald Maguire

12 May 2022 157 Read Crypto , Altcoins

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Terraform CEO Do Kwon Was Co-Founder Behind Failed Stablecoin Basis Cash

It was discovered that Do Kwon, CEO of Terraform Labs, the developer of Terra (LUNA) and TerraUSD (UST), is also the developer of the Basis Cash stablecoin, which failed in 2020. Developed in 2020 by anonymous "Rick" and "Morty", the algorithmic stablecoin project Basis Cash was developed by Terraform Labs developers including Do Kwon. Basis Cash has never been priced at $1.

Will the fate of UST be the same?

Owners of UST and especially LUNA suffered huge losses. LUNA investors lost almost all of their investments. Do Kwon is looking for other ways to provide liquidity to the ecosystem and subsidize UST.

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