Terra founder and CEO of Terraform Labs, Do Kwon, has not given interviews since the collapse of his project in May. The CEO has been charged with alleged money laundering in South Korea using a shell company and has been summoned to appear before the Assembly, but has not shown up as he is out of the country.
In the midst of this situation, Do Kwon has broken his silence and given an interview to Coinage in which he reflected on his current situation and the failure of his project.
The founder of Terra confesses that he never thought about what could happen if the project failed. I considered Terra to be a stable coin, but it hasn't remained stable. He explains how the algorithmic stablecoin he had developed was starting to become an industry standard, how he bet heavily on it and ultimately lost. Looking back, he admits that the market success of this ecosystem, which was beginning to approach $100 billion, seems very irrational.
He also explains that, by not remaining stable, this project became a fraud for many users, that the crypto world for him remains a kind of “wild west” and he considers it very likely that he himself developed as a kind of “alter ego” within the ecosystem.
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Furthermore, while he hints that some member of Terraform Labs likely exploited information about protocol vulnerabilities that he knew about for profit, the CEO also states the following in the interview:
“I and I alone am responsible for any weakness that could have been exploited to allow any short trader to start making profits.”
In the interview, he also explained that he could not quantify his losses at the moment and that for the past five years he lived and breathed for this project. He also points out that Terra was not a Ponzi scheme, highlighting the fact that early investors have been among the most affected by the fall of the algorithmic currency. In this way, he once again emphasizes that they will present the facts as they know them, with honesty, and that they will face the consequences that may arise from this whole situation.
Do Kwon moved to Singapore before the fall of Terra to ensure the safety of his son and wife. In addition, in the interview he also hints that the attack took place at a time when Terra executives were flying to different places. He believes the timing of the attack was no coincidence and that it is very likely that someone with inside knowledge had something to do with it.
Although in order to watch the full video of this interview with Do Kwon on Coinage in advance, it was necessary to download a subscriber NFT that gave access to the full interview, the video has already been published since Monday, August 15 on YouTube. Below you can review the full interview for more information.
