Terra Labs CEO Do Kwon was allegedly behind the previously failed stablecoin project Basis Cash.
Basis Cash was an Ethereum-based stablecoin aimed at reviving the concept of an algorithmic stablecoin known as Basis. The project was first introduced in August 2020.
This news is of great importance, given the drop in TerraUSD (UST). At the time of writing, UST is trading at $0.61, according to Binance data.
Referring to ex-employees of Terraform Labs, CoinDesk stated that Kwon is one of two co-founders with the nickname Rick Sanchez, referring to the Rick and Morty animation, and that Basis Cash was developed largely by Terraform employees.
According to data from DeFi Llama, the TVL of the project has started to decline after peaking at $175 million in December 2020. Basis Cash is currently trading at $0.007197, according to CoinMarketCap data.
