According to CoinDesk, Terraform Labs CEO Do Kwon was one of the co-founders of the failed Basis Cash algorithmic steblecoin.
Basis Cash (BAC) was launched on Ethereum in late 2020, shortly before the launch of terraUSD (UST).
BAC was also pegged to the U.S. dollar, but failed and never rose to the $1 mark again.
Former Terraform Labs developer Hensuk Kang claims that Basis Cash was a side project of the same team.
“Basis Cash had not been tested by then. Kwon wanted to test it. He said it was a pilot project,” noted Kang.
Another Basis Cash developer confirmed that the Terraform Labs team and Kwon were behind the development of the project.
At the time, Kwon used the alias Rick Sanchez, which he borrowed from one of the characters in the Rick and Morty animated series. Coindesk agency cited screenshots of correspondence from the BCK Telegram group, where Kwon indicated that he was Rick.
Even amid problems with Basis Cash, Kwon’s main account could occasionally be spotted on the project’s Telegram without an alias.
One Telegram user once asked Kwon what he was doing in the Basic Cash group.
“I like learning new things. Especially old things that are becoming new again,” he replied.