# Do kwon finally spoke months after the Luna crash, but who’s listening?

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2022-08-25
**URL:** https://paragraph.com/@durwin/do-kwon-finally-spoke-months-after-the-luna-crash-but-who-s-listening

## Content

Like Icarus, Do Kwon flew too close to the sun and got scorched.I have a hunch he will retreat, rethink, re-engage and rebuild again. He named his firstborn daughter Luna. And nope, he did not change her name despite what happened. He has 1M followers on Twitter. He was the cult leader of one of the most successful crypto cult in history, until it wasn’t. He launched a revolution with an army of revolutionaries he nurtured from the start. He went from humble developer to cocky, “I’m smart and everyone is poor” king of twitter. Was he a genius who invented a new algorithmically-backed stablecoin? Or did he just took what others have done (and failed) and tried it in his own way? In just 6 lousy days in May 2022, Luna and UST crashed and burned. Decimating $45B from the markets and ruining the lives of many. At its peak, Luna was worth $119, making it one of the top 10 cryptocurrencies by market cap.Before Terra/Luna fell, it was one of the largest cryptocurrency in the market.Before Terra/Luna fell, it was one of the largest cryptocurrency in the market. He went from unknown developer to worldwide crypto celebrity status and to most-hated meme persona in just a year. They called him the Elizabeth Holmes of Crypto. Is that warranted? Elizabeth was ruthless, deceptive, dishonest and blatantly committed fraud. Do Kwon, arguably sharing many similar behavioural traits, technically hasn’t committed any obvious crimes yet (at least on the surface). He claims that there was a mole amongst the company. That someone close to him leaked vital information and coordinated an attack against Luna/UST, causing the depeg and ultimate death spiral. I am certain with the multiple class-action lawsuits coming up, more will be revealed. Anchor Savings Protocol was launched on March 2021 and that was supposedly the magnet that sucked everyone and anything into the Luna ecosystem. Simply put, you deposit UST and get almost 20% of annual interest back automatically. It certainly does smell and sound like magic money. Who cares if it was conjured out of thin air and subsequent deposits from newer users. Wait that sounds terribly like a Ponzi scheme. But some argued it was not a Ponzi if Do Kwon had no intention to scam people for money and if it was used as a form of marketing. Anchor, given how attractive and quickly it got traction, proved to be too deadly. Big firms and lenders were basically stashing large amounts of UST in Anchor and enjoying the juicy yields. Many took on leverage and huge loans just so they can deposit more UST. When UST and the markets crashed, they got decapitated.You can say that Do Kwon was stressed out a fair bit.You can say that Do Kwon was stressed out a fair bit. “In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.” Lesson learnt: never let fame or fortune get to your head. Easier said than done. Would you have passed the test too? It is amazing that you can crash the crypto markets and walk freely around in Singapore. I wonder if MAS is doing anything at all. What happened to Do Kwon was nothing short of horrific and astounding. Few have actually faced what he had to face. Would you forgive Do Kwon and does he deserve a second chance? - Do you believe in crypto? - #startups #business #startupx #growth #success #socialmedia #culture #web3 #strategy #hacks #Luna #ust #terraform #tokens #crash #dokwon #eth #btc #crypto #singapore

## Publication Information

- [Durwin](https://paragraph.com/@durwin/): Publication homepage
- [All Posts](https://paragraph.com/@durwin/): More posts from this publication
- [RSS Feed](https://api.paragraph.com/blogs/rss/@durwin): Subscribe to updates
- [Twitter](https://twitter.com/DurwinHo): Follow on Twitter