UST wasn't Terra co-founder's first failureTerraform Lab co-founder
Do Kwon may be one of the two co-founders of the
failed Basis Cash stablecoin project. This cryptocurrency was created in 2020 by two developers
under the pseudonyms "Rick" and "Morty." Like UST, this stablecoin was pegged to the dollar through a code, with no tangible collateral.
By the end of last year, the exchange rate had fallen below 1 USD, after which it collapsed even more.
Now a similar situation is happening with the native asset Terra. During the last three days,
the rate was down to $0.27 per "coin". And so far, there are no prerequisites to improve the situation.
