Terraform Labs CEO Do Kwon Opens Up About Catastrophic Crash

The Terra Founder, who has been relatively quiet till now, has given the first interview since the crash of the Terra protocol following the depegging of the LUNA stablecoin. 

Interview With Do Kwon

It has been a couple of months since the crash of the Terra ecosystem happened. Founder and CEO Do Kwon has been keeping a relatively low profile till now. However, he has finally bared it all in an interview with crypto news startup Coinage, where he talked about the failure of the system, dealing with law enforcement agencies, the aftermath of the catastrophe, and the future of the Terra ecosystem. 

In the interview titled “Six Days in May: The Unmaking of a Crypto King,” Do Kwon talks about the system failure and accepts the responsibility of causing incalculable pain among a whole community of supporters and investors. Kwon, however, also claims that he was one of the victims 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.”

Regulators Haunting Do Kwon

Kwon also talks about all the regulator trouble that he has landed in, in the aftermath of the debacle. With South Korean prosecutors and law enforcement being the most aggressive when it comes to investigating him, Kwon still maintains that he will be cooperative. 

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.”

However, despite all his troubles, Do Kwon has not made things easy for himself by suing the SEC for improperly issuing a subpoena related to the Mirror integration. 

The Future Of Terra 

He vehemently denied Terra being a Ponzi scheme, giving examples of how the earliest investors were the ones to lose the most. When asked about the future and upcoming projects launching on the Terra 2.0 network, Do Kwon expresses that, 

“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.”

​​Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.