Do Kwon admitted for the first time that he was an anonymous member of the failed algorithm Stablecoin project Basis Cash

[Do Kwon admitted for the first time that he was an anonymous member of the failed algorithm Stablecoin project Basis Cash] On August 15, Terra founder Do Kwon said in his first interview after Terra’s crash that he admitted that he was Rick Sanchez, an anonymous member of the failed algorithm Stablecoin project Basis Cash, But did not identify as a co-founder of Basis Cash.

On May 11, according to CoinDesk, Do Kwon, founder of Terra and CEO of Terraform Labs, is one of the anonymous co-founders behind the failed algorithmic Stablecoin project Basis Cash. The project's algorithm Stablecoin BAC failed to re-anchor with the US dollar after being unanchored in early 2021, and is currently worth less than 1 cent.

According to Hyungsuk Kang, a former engineer at Terraform Labs (TFL), Basis Cash was actually founded by some of Terra’s early founding members, including himself and Do Kwon (alias Rick Sanchez).

Other news:

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