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Do Kwon, co-founder and CEO of Terraform Labs.

Do Kwon, co-founder and CEO of Terraform Labs.

Photographer: Woohae Cho/Bloomberg
Business
The Big Take

King of the ‘Lunatics’ Becomes Bitcoin’s Most-Watched Whale

Do Kwon is counting on the oldest cryptocurrency as a backstop for his stablecoin, which some critics liken to a ginormous Ponzi scheme.

Back in 2016, when Do Kwon was just a little-known startup founder with grand ambitions of bringing free internet to all, he noticed his research on distributed networks kept bringing up stuff on Bitcoin and Ethereum.

Next thing he knew, he’d fallen “down the crypto rabbit hole.”