Sources: Terraform Labs CEO Do Kwon pseudonymously co-founded Basis Cash, a failed algorithmic stablecoin set up in 2020 that peaked at $174M total value locked (CoinDesk)

CoinDesk:
Sources: Terraform Labs CEO Do Kwon pseudonymously co-founded Basis Cash, a failed algorithmic stablecoin set up in 2020 that peaked at $174M total value locked  —  Basis Cash, an algorithmic stablecoin project founded by the anonymous “Rick” and “Morty” in 2020, was actually the work of Terraform Labs employees.