Believers see the purchases as a bold move to bring Kwon’s vision a step closer to reality. ![]() That’s made it not only one of the original cryptocurrency’s biggest whales, but also a flash point for boosters and naysayers alike. Others warn - albeit without much evidence - that it risks bringing down the entire world of digital assets.Īt the center of it all is Kwon, the 30-year-old “King of the Lunatics.” This year, a group led by Kwon wowed the laser-eye crowd by buying more than $1.5 billion in Bitcoin to help prop up Terra, with plans to purchase as much as $10 billion worth of the token. Some liken the seemingly too-good-to-be-true 20% interest on the Terra blockchain’s lending-and-borrowing program to one big Ponzi scheme that will ultimately collapse under its own weight. ![]() ![]() On the other are the critics, including within crypto itself, who say Kwon is doomed to fail. On one side are the legions of fans and deep-pocketed crypto backers called “Lunatics,” who have turned Kwon’s vision of engineering a stable, digital currency that’s both easy to spend in real life and free from the tentacles of Wall Street and government regulators into one of the biggest blockchain projects to date - with tens of billions of dollars’ worth of crypto tied to the ecosystem. (“Lunatics,” for the uninitiated, is a nod to the Luna token, which through some algorithmic wizardry, is designed to keep the Terra stablecoin, commonly referred to as UST, stable.
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