{"id":237008,"date":"2022-05-12T06:30:33","date_gmt":"2022-05-12T05:30:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=237008"},"modified":"2022-05-12T06:49:59","modified_gmt":"2022-05-12T05:49:59","slug":"terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash\/","title":{"rendered":"Terra founder reportedly has link to failed stablecoin, Basis Cash"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A former <\/span><a href=\"https:\/\/cryptoslate.com\/blockchain\/terra\/\"><span style=\"font-weight: 400;\">Terra<\/span><\/a><span style=\"font-weight: 400;\"> Labs employee has reportedly revealed that Terra co-founder <a href=\"https:\/\/cryptoslate.com\/people\/do-kwon\/\">Do Kwon<\/a> was one of the creators of <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/basis-cash\/\"><span style=\"font-weight: 400;\">Basis Cash<\/span><\/a>. This algorithmic stablecoin<span style=\"font-weight: 400;\">\u00a0failed last year, a Coindesk <\/span><a href=\"https:\/\/www.coindesk.com\/tech\/2022\/05\/11\/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say\/\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> has revealed.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Citing a former engineer at <\/span><a href=\"https:\/\/cryptoslate.com\/companies\/terraform-labs\/\"><span style=\"font-weight: 400;\">Terraform Labs<\/span><\/a><span style=\"font-weight: 400;\">, Hyungsuk Kang, the report stated that Basis Cash was, in fact, the early works of Terra creators, including Kwon.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The revelation is coming amidst the <\/span><a href=\"https:\/\/cryptoslate.com\/swissborg-report-explains-cause-of-the-death-spiral-of-ust\/\"><span style=\"font-weight: 400;\">crash <\/span><\/a><span style=\"font-weight: 400;\">of <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/terrausd\/\"><span style=\"font-weight: 400;\">UST<\/span><\/a><span style=\"font-weight: 400;\">, which lost its peg against the dollar a few days ago. This is a case of history repeating itself given that the same thing happened with Basis Cash.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Per the report, a group of anonymous developers launched Basis Cash on <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">Ethereum<\/span><\/a><span style=\"font-weight: 400;\"> in 2020 as an algorithmic stablecoin pegged against the US dollar. But it failed to achieve that stability against the dollar, dropping below the peg in early 2021. As of press time, the stablecoin was trading below a cent.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Kang reportedly said<\/span><\/p>\n<blockquote><p>Basis Cash wasn\u2019t tested at the moment, and we weren\u2019t even sure. (Kwon) wanted to just test it out. He said that this was a pilot project for doing that (UST).<\/p><\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Another person involved in building Basis Cash, who spoke anonymously, confirmed Kang\u2019s statement. Both added that Kwon was actually \u201cRick Sanchez,\u201d the pseudonymous co-founder of Basis Cash. The two founders of Basis Cash had adopted Rick and Morty names as pseudonyms for the project.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coindesk confirmed this by reviewing the internal chat logs of Basis Cash where there was a message in the chat where Kwon referred to himself as Rick.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, Basis Cash was not successful. Its market cap was only able to hit $174 million, far below that of UST, which, at its peak, grew into the third-largest stablecoin by market cap.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to Coindesk, it decided to dox the founder due to public interest. So far, the crash of UST and Luna has affected the broader crypto markets, with the value of other digital assets <\/span><a href=\"https:\/\/cryptoslate.com\/sentiment-sinks-to-4-month-low-is-it-time-to-accept-crypto-winter-is-here\/\"><span style=\"font-weight: 400;\">plummeting<\/span><\/a><span style=\"font-weight: 400;\"> to new lows.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do Kwon has, however, <\/span><a href=\"https:\/\/cryptoslate.com\/terraform-labs-ceo-do-kwon-announces-recovery-plan-for-luna-ust-following-crash\/\"><span style=\"font-weight: 400;\">continue<\/span><\/a><span style=\"font-weight: 400;\">d to call for calm, stating that his team has a long-term plan to turn things around.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Terra Labs employee has reportedly revealed that Terra co-founder Do Kwon was one of the creators of Basis Cash. This algorithmic stablecoin\u00a0failed last year, a Coindesk report has revealed. Citing a former engineer at Terraform Labs, Hyungsuk Kang, the report stated that Basis Cash was, in fact, the early works of Terra creators, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":237011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,38,32631],"tags":[77718,76937,76930],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terra founder reportedly has link to failed stablecoin, Basis Cash<\/title>\n<meta name=\"description\" content=\"A new report has revealed that Terra founder, Do Kwon, has links to a failed algorithmic stablecoin, Basis Cash.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terra founder reportedly has link to failed stablecoin, Basis Cash\" \/>\n<meta property=\"og:description\" content=\"A new report has revealed that Terra founder, Do Kwon, has links to a failed algorithmic stablecoin, Basis Cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-12T05:30:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-12T05:49:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/dokwoon-basis-cash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/terra-founder-reportedly-has-link-to-failed-stablecoin-basis-cash\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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