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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