Is Luna Crash a talent created by a young genius?
On the 11th SBS 'I want to know it', the subtitle of 'The Fall of the Moon - 99.99% of the truth of the Lunar crash' was highlighted.
CEO Kwon Do-hyeong, who founded Terraform Labs in 2018 and created Terra and Luna, was the kimchi coin myth itself.
The price of Luna, which was around 200 won at the beginning of its foundation, rose to 120,000 won, and grew more than 500 times, and it continued to grow, ranking 7th among the world's cryptocurrency values.
At the age of 32, CEO Kwon Do-hyeong, who runs a company with a market capitalization of 50 trillion won, was full of confidence and was especially called Korea's Elon Musk for his image that crossed the border between dignity and rudeness.
However, he is now concerned about personal threats.
Last month, the value of the Luna coin plummeted by more than 99,99%, and more than 50 trillion won in market capitalization evaporated.
In addition, there were more than 280,000 domestic victims, and victims who suffered enormous damage were coming out one after another.
Investors who lost property ranging from several million won to several billion won wanted to hear from Kwon Do-hyung, but there was nothing they could hear from him.
Some even had extreme thoughts about this.
However, several people predicted the Luna event early on.
However, CEO Kwon Do-hyeong preached Luna's rosy future until just before the collapse.
And after the fall of Luna, CEO Kwon Do-hyeong said that he would create a new coin, Luna 2.0, instead of apologies to the victims.
And Luna 2.0 fell 90% like Luna in two weeks.
Do-hyeong Kwon, who laughed as it was fun to watch the collapse of 95% of coin companies in the past, said that they would disappear, could he not have predicted the downfall of Luna?
Luna was able to shine because of her twin Coin Terra.
What kind of coins are the Terra and Luna coins created by Kwon Do-hyung?
The supply and demand for Terra Coins were maintained through the exchange system for Luna and Terra, which he created, so that Terra Coins were able to maintain $1 at all times.
Only through two types of coins and algorithms, the price of cryptocurrency can always be fixed at $1.
The algorithm he created worked really well, which led to the rise in popularity of Terra and Luna.
At that time, people cheered, saying, "Luna is a god."
In response, Kwon Do-hyung created a deposit system for Terra Coin called Anchor Protocol.
He said that he would pay interest if he left Terra.
When the goose that lays golden eggs appeared, more and more people invested their fortunes.
And Luna is undefeated, even the word Luna is a god, and a fandom called Lunatic has been created.
As a result, Kwon Do-hyeong was successful and he was selected as one of Forbes magazine's 30 Under 30 Asian Leaders, and he became a new wealthy man that the world is paying attention to.
As for the apartment he is currently known to live in, it was revealed that the apartment in Seongsu-dong recently had a transaction price of close to 8 billion won.
However, the myth of Luna, which did not seem to stop, met its catastrophe last May.
For some reason, the price of Terra dropped below $1, and the algorithm to support it did not work properly, so the balance between Luna and Terra was broken.
An expert said, "Doing it with an algorithm is both aggressive and risky."
Also, it turned out that the system he made could not be realized in reality and was structurally vulnerable to shock.
Then, why did Terra's dollar value break?
Many people argued that it was an attack to lower the value of Luna with a huge amount of money.
Some even said that Luna's downfall was an expected result, saying that if there is a lot of money, there is no choice but to become a prey for media play with a weak algorithm.
The confidence of CEO Kwon Do-hyung, who was also majestic against the United States, might have given someone an excuse to attack.
One informant claimed that this incident was due to a huge capital short selling attack, and asserted, "The attackers predicted an attack three weeks ago, and CEO Kwon Do-hyung prepared several trillion won worth of bitcoins and prepared a defensive posture."
However, others said that CEO Kwon Do-hyung was a scammer using cryptocurrency.
And others said that Kwon Do-hyung was also a victim.
In response, one lawyer said that he could be charged with fraud, depending on whether he had any intentions or not.
Hyungseok Kang, a former developer of Terraform Labs, said that he quit the anchor protocol system because it made no sense.
He recalled the time, "It was completely Kwon Do-hyung's idea to provide 20% interest. When I heard that, I thought it was really ridiculous. So I protested.
And he said that he did not disclose specific plans on how to pay 20% interest to Kwon Do-hyung.
Kang also said that he was more embarrassed by the reactions of other employees that the CEO would take care of it.
It turned out that CEO Kwon, who operated Terraform Labs like a kingdom, did not answer unless he spoke English.
He said he didn't even try to communicate with his staff.
The informant, who claimed that there was no fault in Kwon Do-hyung's downfall of Luna, took the same position as Kang's with regard to the anchor protocol.
In response, the expert said, "You cannot be unaware that this is not sustainable. Many people have said that this is a Ponzi structure, but it does not make sense to say that you did not know."
And CEO Kwon Do-hyung once said that he would buy 4 trillion won worth of bitcoin and use it to defend Luna's price.
And when Luna was plummeting, he even said he would defend himself by buying in bitcoin.
However, he reported that he ran out of bitcoin but failed to defend the price, but did not disclose the transaction history of the actual use.
In response, he tried to listen to Terra Form Labs, but no one was there to speak out.
And through the coverage, the company disappeared from both Seoul and Busan, and it was revealed that the domestic corporation had already been dissolved before the catastrophe, raising doubts.
Accordingly, the production team set out to find the Terraform Labs corporation in Singapore.
However, even there, he could not meet officials or Kwon Do-hyung.
But just when he was about to give up on everything, he got a phone call from Hyungseok Kang.
It is said that the person staying at Kwon Do-hyung's address was Nicholas, who was Do-hyung Kwon's college roommate and a founding member of Terraform Labs.
And hearing Korean nursery rhymes and crying babies in the house where Nicholas was staying was not proof that Kwon Do-hyung was staying there.
Kang Hyung-seok claimed that there was a problem with Terra and Luna from the beginning.
Before he listed the coin, he already had it as his share.
In response, reporter Kim Dong-hwan said, "Before listing Luna and Terra, they had pre-mined about 1.5 trillion won."
Coins issued in advance through pre-mining are known to be distributed to pre-developers or early investors as a way to maintain the community and reward developers.
However, CEO Kwon said that it is a problem because he did not inform ordinary investors of the fact of free mining.
In response, CEO Kwon insisted that there was no problem because he explained it when there was an inquiry.
However, it turned out that he had updated this on an external site instead of an official white paper before the related article was published.
However, there is another thing to note here.
Coins issued in advance can be cashed out by the difference.
The difference was a payment agency service created by an e-commerce company run by the person who co-founded Terraform Labs with CEO Kwon.
Experts said that if a pre-issued coin is cashed, it is highly likely to become a slush fund.
He also pointed out that it is possible that Chai's customers exchanged their deposits for pre-issued coins.
And if, in this situation, the deposits deposited by Chai's customers cannot be returned to Chai's customers, it could be a scam.
However, he warned that it becomes a bigger problem when the money exchanged for the coin issued in advance by Terraform Labs comes from a third party rather than the customer's money.
This could even lead to suspicion of illegal money laundering.
And experts insisted that this flow of money was a structure that had no choice but to know the difference.
However, Tsai withdrew, saying it had nothing to do with Terraform Labs.
The crew tracked hundreds of deals with experts.
As a result, the whereabouts of 300 million of the 1 billion coins issued in advance by Terraform Labs are unknown.
In Korean terms, it was worth about 540 billion won.
Kwon Do-hyung used the money he had obtained from an unknown source to make up for the high interest rate with money that he had repurchased for pre-issued coins.
Regarding this, the production team once again requested a response from Kwon Do-hyung and Chai.
As a result, Kwon Do-hyung's whereabouts were still unknown, and Chai claimed that the system in which the coins issued by Terra were linked with Chai depended on the internal system of Terra.
And the CEO of Tsai said that he was not involved in any of these processes.
Finally, the broadcaster said that it was confirmed that the Lunar collapse was a natural disaster, not a mistake of a genius, but a human resource.
And he asked a question, saying that what CEO Kwon Do-hyung should do now is not develop a new coin, but explain and apologize for the suspicion.
(SBS Entertainment News Editor Kim Hyo-jung)Keywords: