The collapse of Terra is one of the most high-profile events in the cryptocurrency industry in recent times. With South Korean authorities and Interpol involved, one-time crypto titan Do Kwon has opened up about the accusations against him.
The co-founder of Terraform Labs maintained that Terra was never really about money, fame, or success. However, Kwon believes that he “got carried away” while interacting with other people on crypto Twitter.
Do Kwon’s Humiliation
Kwon was branded a trash-talking entrepreneur, calling the cryptocurrency he created in 2018 “my greatest invention.” He assembled a group of investors, including Lightspeed Venture Partners and Galaxy Digital, and his supporters, who proudly referred to themselves as “Lunatics.”
He gained notoriety for poking fun at his detractors. One of them is the British economist Frances Coppola, who criticized the stablecoin algorithmic model. Kwon then scoffed and said, “I don’t debate about the poor.”
But it may have been humbled by the spectacular crash that had a domino effect on the rest of the cryptocurrency market. When asked if he feels any remorse for using the “arrogant” tone, Kwon, after a pause, said:
“Just because there are anonymous cartoon characters who are more liberal with the words they use doesn’t mean I should have followed suit. In my personal life, I am quite an introvert. When I started Terra, there wasn’t a lot of communication with the media or Twitter, which wasn’t necessarily a big deal.”
While speaking to Laura Shin during an interview on the Unchained Podcast, the exec said that he developed a personality to become more “transparent” with the community over time and that he behaved in a certain way largely for “entertainment value” because he was “fun joking around and posting shit” with other people on Twitter. Looking back, he thinks his tweets were “embarrassing.”
“politically motivated” accusations
The brutal crash wiped billions of worth from the cryptocurrency market, causing many to lose their life savings. According to a report, a Taiwanese man jumped from the 13th floor of a high-rise luxury apartment tower and died after losing a significant amount of money in the process. To this, Kwon said that he takes “full responsibility” for the weakness in Terra’s design that could not survive the “cruel” market conditions.
“I’m sorry. It might seem, with the way we’ve been responding to allegations in a news report, that we’re on the defensive. That’s absolutely not the case. I believed in the stability of the UST. I apologize and acknowledge, you know the full responsibility for that.”
Having said that, he does not believe the charges brought against him by South Korean prosecutors are legitimate and rather “politically motivated.” While sharing an update, the executive said that he had not received a copy of the Interpol Red Notice that was reportedly issued last month.
Kwon went on to clarify that he has not lived in South Korea since the end of 2021, but declined to reveal where he currently resides, citing security and privacy concerns.
Featured Image Courtesy of Mundo Deportivo
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This post Do Kwon sorry for the smug tweets, take full responsibility for the collapse of Terra
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