Terra’s collapse is one of the most high-profile events in the crypto industry in recent times. With South Korean authorities and Interpol involved, the once crypto titan, Do Kwon, has opened up about the allegations against him.
The Terraform Labs co-founder maintained that Terra was never really about money or fame, or success. However, Kwon thinks that he got “carried away” while interacting with other people on crypto Twitter.
The Humbling of Do Kwon
Kwon was branded as a trash-talking entrepreneur who called the cryptocurrency he created in 2018 – “my greatest invention.” He rallied a band of investors, including Lightspeed Venture Partners and Galaxy Digital, and his supporters, who proudly referred to themselves as – “Lunatics.”
He gained notoriety for mocking his detractors. One such is British economist Frances Coppola, who criticized the algorithmic stablecoin model. Kwon had then taunted, saying, “I don’t debate the poor.”
But he may have humbled down following the spectacular meltdown that had a domino effect on the rest of the cryptocurrency market. When asked if he feels any remorse for using the “cocky” tone, Kwon, after a pause, said,
“Just because there are anonymous cartoon characters that are more liberal with the words that they’re using, does not mean that I should have followed suit. In my personal life, I am quite a bit of an introvert. When I first started Terra, there was not that much communication with media or Twitter which wasn’t necessarily a big problem.”
While speaking to Laura Shin during an interview on Unchained Podcast, the exec said he developed a persona to become more “transparent” with the community over time and that he behaved in a certain way largely for “entertainment value” because it was “fun with joking and shit-posting” with other individuals on Twitter. Looking back, he believes his tweets were “cringe.”
Allegations “Politically Motivated”
The vicious crash wiped billions of value from the crypto market, which resulted in many losing their life savings. According to a report, a Taiwanese man jumped from the 13th floor of a high-rise luxury apartment tower to his death after losing significant money in the process. To this, Kwon said that he takes “full responsibility” for the weakness in Terra’s design that couldn’t survive the “cruel” market conditions.
“I am sorry. It could seem, with the way we’ve been responding to allegations in a news report, that we’re being defensive. That is absolutely not like that. I believed in the stability of the UST. I do apologize and do own up to, you know the full responsibility of that.”
Having said that, he does not believe the charges leveled against him by the South Korean prosecutors are legitimate and rather are “politically motivated.” While sharing an update, the exec said he has not received a copy of Interpol’s red notice that was reportedly issued last month.
Kwon further went on to clarify that he was not living in South Korea since the end of 2021 but declined to reveal where he is currently residing, citing security and privacy concerns.
Featured Image Courtesy of Mundo Deportivo