Do Kwon, the crypto billionaire and his company, Terraform Labs, was behind one of the most popular U.S.-pegged stablecoins on the planet, coins (dubbed terra and luna) were collectively worth tens of billions of dollars. Whereas most stablecoins are backed up by a mix of cash and other assets, Kwon’s invention was instead backed by a complex set of code. When the algorithm failed in May 2022, it cost investors $40 billion in market value overnight.