Terra’s Do Kwon gave his first extensive interview for the first time since the project’s collapse
During an interview with former CNBC reporter Zack Guzman cum Trustless Media co-founder, Terra’s Do Kwon said that he alone was responsible for the downfall of the popular crypto project. Kwon acknowledges that he was the person who presented the “vulnerabilities” that resulted in the multi-billion-dollar crash.
Terra’s Do Kwon
Terra Co-Founder Do Kwon Names Person Who Is to Blame for Collapse
Following its spectacular collapse in May, one of the most successful crypto projects instantly attracted accusations of fraud, with Kwon’s reputation taking a massive hit. Kwon insists that he has never shorted any cryptocurrency in his entire life, rejecting the rumors that he himself profited from the epic crash. The controversial developer says that he himself burned through most of his net worth within several days when LUNA and UST spiraled toward zero back in May.
However, due to the anonymous nature of cryptocurrencies, it is almost impossible to verify whether or not Kwon’s claims are legit. Kwon, who has been compared to the disgraced Theranos founder and convicted fraudster Elizabeth Holmes, claims that the key difference between the infamous biotech scam and Terra is that the latter actually had a working product. The South Korean entrepreneur is adamant that the UST stablecoin was performing “beautifully” until it suddenly stopped functioning.
The entrepreneur was not fretting about the prospects of potential jail time, simply replying that “life is long” when asked about his predicament. With a slew of investigations and lawsuits, legal walls are seemingly closing in on Kwon. In late June, Terraform Labs employees were barred from leaving South Korea. Kwon himself is currently based in Singapore. In spite of mounting legal troubles, Kwon remains optimistic about his future in crypto, planning to remain in the industry for the next 20 years.
- Suit Claims That Terra Leaders Do Kwon, Nicholas Platias, And Others Conducted Business “Through A Pattern Of Racketeering Activity”
- Terra’s Do Kwon Has Lost His Entire Fortune Following The Collapse Of The Terra Blockchain