Do Kwon’s Net Worth: Is He Still Wealthy?

Last Updated on December 24, 2023 by Kevin Groves

This article explores the background of Terra LUNA’s founder, Do Kwon, and his estimated wealth.

What Is The Net Worth Of Do Kwon?

Based on the amount of Bitcoin (BTC) stored in the Luna Foundation Guard Wallet, Do Kwon’s net worth is estimated to be at least $130 million. This does not include any further assets or cryptocurrency holdings that Do Kwon chooses to keep secret and confidential.

Sources Of Do Kwon’s Wealth

Do Kwon generated wealth from the creation of his successful e-commerce store Anyfi, but the vast majority of his fortune came from his cryptocurrency empire and several other crypto projects. The development of Terra (LUNA) and Basis Cash (BAC) were the largest proponents behind his net worth prior to its collapse in mid-2022.

Given his reported location in Serbia, his current sources of wealth and any roles and ventures he may be involved in remain unknown to the public.

Estimating Do Kwon’s Net Worth

It is reported that Do Kwon had access to the wallet of the Luna Foundation Guard Wallet prior to the South Korean travelling to Serbia. The wallet is suspected of being accessed by Do Kwon based on the 111,274 BTC that was transferred to the wallet between October 2022 and July 2023 from a Bitcoin ATM. If we assume the 2022 price of Bitcoin to be $67,000 then Do Kwon’s net worth prior to the Terra blockchain collapse was over $7.4 billion.

It is important to note that Do Kwon himself discussed his wealth at the beginning of 2022, claiming that he was a billionaire at the time the price of the LUNA token was around $100.

The fact that 9.64 BTC were taken out of the Lunda Foundation Guard’s wallet through a Bitcoin ATM machine soon after Do Kwon arrived in Serbia is the main reason why it was thought that the wallet was under his control.

In another crypto wallet, $18 million worth of USDC was withdrawn and converted into other digital currencies such as Ethereum, Dai, Tether, Wrapped Bitcoin, and USD Coin. $5.4 million USDC and $1 million DAI were used as liquidity pools.

Today, the estimated net worth of Do Kwon is thought to be between $130 and $150 million. This is based on the number of Bitcoin holdings associated with the Luna Foundation Guard Wallet but excludes any other assets he may have.

Net Worth Over Time

Prior to the collapse of Basic Cash and Luna in May 2022, Do Kwon’s net worth was estimated to be approximately $4 billion. This is based on the starting price of each coin and its peak value. For example, the price of Luna at inception was $0.1 but had risen to $10.72 by April 2022. Although not as significant, the value of Basic Cash almost doubled which significantly contributed to the net worth of the South Korean crypto entrepreneur.

However, since the sudden collapse of Terra (LUNA), it is believed that his net worth has been significantly reduced to Bitcoin holdings stored in a Luna Foundation Guard Wallet. On current Bitcoin prices, his net worth in 2023 is estimated to lie between $130 and $150 million.

Is Do Kwon A Billionaire?

During the bull market of 2019 and 2020, Do Kwon was a billionaire when the price of LUNA was around $100. In fact, he admitted this in early 2022 during an interview. However, given the crash of LUNA, Kwon is no longer a billionaire but is thought to still hold hundreds of millions worth of digital currencies.

About Do Kwon

Kwon Do-Hyung, better known as Do Kwon, is a South Korean crypto influencer and entrepreneur who co-founded Terraform Labs with Daniel Shin. The Singaporean-based Terraform is the parent company of the failed cryptocurrency TerraUSD and Luna which collapsed in May 2022.

Due to the value collapse of Luna and the de-pegging of TerraUSD from the United States Dollar (USD), approximately $45 billion worth of market capitalisation was lost which lead to the loss of even more from the global market.

After facing legal pressure from several jurisdictions including South Korea, Singapore and the United States, Kwon was arrested in Montenegro whilst trying to travel to Dubai on falsified documents. After being extradited to the USA, he was charged with eight counts including fraud, wire fraud, securities fraud, and conspiracy.

Following his arrest, he was sentenced to four months imprisonment for using different sets of falsified travel documents. Reports indicate that he is in hiding in Serbia.

Name	Do Kwon (Kwon Do-Hyung)
Nationality	Korean
Date of birth	6 September 1991
Place of birth	Seoul, South Korea
Estimated net worth	$130 to $150 million
Source of wealth	Founding of the Terra (LUNA) ecosystem, stored Bitcoin
Education	BA Computer Engineering
Profession	Software engineer, e-commerce, cryptocurrency developer, entrepreneur

Early Life

Born in Seoul, South Korea on 6 September 1991, Do Kwon attended Daewon Foreign Language High School which would later allow him to migrate to the USA for further education. He received his BA in computer science from Stanford University in 2015 before finding brief stints of work as a software engineer for tech giants Apple and Microsoft.

Do Kwon returned to South Korea in early 2016 where he created Anfyi, an e-commerce store, which aimed to connect Korean suppliers to a global audience. The success of Anfyi earned him recognition in Forbes 30 Under 30 list (Asia – Finance and Venture Capital).

From here, he pivoted to the cryptocurrency industry where he made his name by co-founding Terra Labs, the company behind the development of TerraUSD and Luna. In April 2022, Do Kwon and his wife had their first daughter, Luna, named after the digital currency he created.

Frequently Asked Questions

How rich was Do Kwon?

Following the crash of the Terra blockchain ecosystem, the net worth of co-founder Do Kwon significantly reduced. With current market prices, his net worth is estimated to lie between $130 and $150 million.

Was Do Kwon a billionaire?

Do Kwon became a crypto millionaire in the bull market of 2019 and 2020 when LUNA was trading at about $100. In fact, he acknowledged this in an interview at the beginning of 2022. Kwon is still rumoured to have digital currencies valued at hundreds of millions of dollars, despite the fact that he is no longer a billionaire due to the collapse of LUNA.

Conclusion

Do Kwon is one of the more fascinating stories in the crypto industry. The rise and fall of the tech entrepreneur’s net worth closely resembles the volatility of the Luna crash. The last known funds from the Terra ecosystem are suspected to be accessible by Kwon during his hiding in Serbia. It is understood that the South Korean government has an outstanding arrest warrant for the Terra founder.

Related reading:

Warren Wheeler

Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.