Do Kwon, the founder of Terraform Labs which was the company behind Lunacoin and the algorithmic stablecoin Terra, cannot be found and is being sought for arrest by South Korean authorities as well as Interpol. It's estimated that about $60 billion was lost when terra and luna collapsed.
Prior to the collapse, these had been among the biggest success stories in crypto. Many were skeptical that an algorithmic stablecoin would be viable. For a while, it seemed like the skeptics would be wrong, and Kwon was quite arrogant on Twitter in dismissing his critics.
In the end, it turned out that market fundamentals mattered and that Kwon's venture had more in common with an old-fashioned financial scam than some new revolution in monetary economics. The end result is that Kwon is now one of the world's most wanted men due to the financial minefield and devastation left in the wake of Terraform's collapse.
The collapse of the cryptocurrency industry has been tragic from so many perspectives with the biggest victims being the 'true believers' who put significant sums into these projects. Truly, greed has fully morphed into fear with nearly every project seeing drawdowns of greater than 90%.
Yet, it's also not surprising as it seems every couple of decades, human behavior leads to excess speculation and bubbles which tend to be wrapped up in the language of 'disruption' and 'a new paradigm which will lead to more prosperity'. These themes were also evident in the dot-com bubble.
One silver lining to these failures is the explosion of content that comes over the next decade which digs into the stories to uncover what was actually going on. While there are so many uncertainties when it comes to the economy, it's quite certain that Do Kwon's exploits will eventually be turned into a movie or miniseries.
In terms of his current whereabouts, Interpol and South Korean authorities insist that he can't be located and isn't complying with orders. Interpol even issued a 'Red Alert' notice which classifies him as a fugitive. In turn, Kwon has been pretty vocal on social media that he is willing to talk to authorities and not evading arrest.