Do Kwon Was One of the Pseudonymous Co-Founders Behind the Algorithmic Stablecoin Basis Cash

Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, according to CoinDesk. It is reported that Basis Cash is an algorithmic stablecoin project founded by the anonymous “Rick” and “Morty” in 2020. Hyungsuk Kang, a former engineer at Terraform Labs (TFL), said Basis Cash was in fact a side project from some of Terra’s early creators, including himself and Kwon. Kang ultimately left TFL to build a Terra competitor called Standard Protocol.