Everyday there is news that is dedicated to either Terra Classic or its co-founder Do Kwon who is reportedly on the run. Do Kwon left South Africa after Terra network collapsed in May this year and has been moving around.
Since May, the South Korean officials have been striving to know the truth about the collapse of Terra Luna. Recently, as Do Kwon failed to respond to the arrest warrant under the ongoing investigation, the Interpol issued a Red Notice worldwide.
The Terra labs co-founder who always failed to answer any questions, recently agreed to answer all the questions related to Terra fall and his reason for not returning to South Africa in a podcast. Do Kwon appeared over Youtube channel, Unchained Podcast of Laura Shin on Friday, October 14.
Do Kwon Express Grief
In an interview, Do Kwon was seen expressing anguish about how Terra network lost its stability with LUNA and its stablecoin UST losing peg against the US dollar. On a positive note, he asked the developers to pick up lessons from the Terra crisis which will assist them in creation of decentralized currency with more transparency.
Further, Do Kwon expressed his gratitude towards creating Terra UST and seeing it reach heights over the years. He believes that this process will surely give others hope to build decentralized currency in the coming days.
However, one should not forget how the fall of Terra network’s LUNA and UST bought a massive volatility creating havoc in the crypto space affecting every single cryptocurrency and their market cap. In just a few days of the crisis, more than $60 billion was wiped out from crypto market cap.
Currently, Terra LUNA is selling at $2.56 with a drop of 1.88% in the last 24hrs and Terra Classic has surged by 0.56% over the last 24hrs and is trading at $0.000265
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Source: https://coinpedia.org/news/terra-founder-do-kwon-found-guilty-for-luna-and-ust-collapse/