The Terra Founder, who has up until now kept a low profile, recently gave the first interview since the Terra protocol crashed as a result of the depegging of the LUNA stablecoin.
The collapse of the Terra ecosystem occurred a few months ago. Do Kwon, the founder, and CEO, has so far maintained a low profile. The failure of the system, dealing with law enforcement, the aftermath of the catastrophe, and the future of the Terra ecosystem were all topics he discussed in an interview.
Do Kwon discusses the system failure in the interview “Six Days in May: The Unmaking of a Crypto King” and admits that it caused an entire community of investors and supporters unimaginable suffering. But Kwon also asserts that he was a victim of the failure, saying:
“I don’t want to seem like my losses are larger in terms of emotional impact compared to people that had less to go on and then put [in] their entire life savings and then the Terra system went down. But I just want to make it perfectly clear that the way that I thought about Terra and Luna was — I mean, this was essentially my life. And I put my actions where my beliefs are. I bet big, and I think I lost.”
Kwon also discusses the regulatory problems that have arisen as a result of the fiasco. Kwon continues to insist that he will cooperate despite the fact that South Korean prosecutors and law enforcement are the most aggressive when it comes to investigating him. He stated,
“In terms of dealing with due process, it’s not a question of what you are prepared to face, it’s a question of how you are going to face them. So what we’re going to do is we’re just going to put out the facts as we know them…It’s kind of hard to make that decision because we’ve never been in touch with the investigators. They’ve never charged us with anything.”
Do Kwon has not made life any easier for himself, though, by Suing the SEC for improperly issuing a subpoena related to the Mirror integration. This is despite all of his problems.
He vehemently refuted the notion that Terra was a Ponzi scheme, citing instances in which the earliest investors suffered the greatest losses. Do Kwon says when asked about upcoming and future projects debuting on the Terra 2.0 Network.
“So what we’re going to do is we’re just going to put out the the facts as we know them. We’re going to be totally honest and deal with whatever consequences as they may be….I would rather just leave these [upcoming products] to be a surprise. I think one of the lessons that I learned is you should probably not oversell things that don’t exist yet.”
