Taking his second interview since the fall of Terra LUNA, Do Kwon explained that he takes complete responsibility for the poor design that led to the crypto’s collapse.
In the past few months, few events have gained as much momentum in the crypto industry as the fall of Terra.
Now that Interpol is getting involved aside from South Korean regulatory authorities, founder Do Kwon is making a statement about the charges pressed against him.
In the interview, he explains that the firm, Terraform Labs, never intended to help him gain success, fame, or money. Even so, he got ‘carried away’ when interacting with the crypto community on Twitter.
Do Kwon Grows Humble
After creating the Terra LUNA cryptocurrency in 2018, Kwon dubbed it his ‘greatest invention.’ He was able to gather a group of investors, including major players like Galaxy Digital and Lightspeed Venture Partners.
He soon became notorious for mocking people who would try to have a reasonable debate with him on social media platforms, particularly Twitter.
One such example includes that of Frances Coppola, a British economist who criticized Terra’s algorithmic stablecoin model. In response to the argument, Kwon said that he doesn’t ‘debate the poor.’
But considering the notable collapse of Terra LUNA and the implications it had on the rest of the crypto industry, he may have changed his attitude.
Speaking in an interview for Unchained Podcast, he tells Laura Shin that he created the persona to offer entertainment value. Now that he looks back on his Tweets, he admits that many of them make him cringe.
Fall of Terra Luna Leads to Billions in Losses
With the spectacular crash of Terra LUNA, tokens worth billions of dollars were wiped altogether from the crypto market. In the process, many people ended up losing their life savings.
In one instance, a Taiwanese man who invested in Terra LUNA jumped off a high-rise building after losing a huge chunk of his money.
In response to this, Kwon acknowledges that it was his fault and takes responsibility for the poor design that couldn’t withstand the market’s harsh conditions.
Kwon Says That Allegations against Him Were Politically Motivated
Despite taking responsibility for the weaknesses in the system, he says that the charges held against him by South Korean authorities aren’t legitimate. Rather, he considers them as politically motivated.
Giving an update on the case, he explained how he has yet to receive a copy of the red notice by Interpol, which was supposedly issued to him last month.
When asked about where he’s currently staying, he clarified that since the end of 2021, he has been living outside South Korea. However, he declined to reveal where he currently resides.