Do Kwon Acknowledges Responsibility for Terra’s Collapse and Apologizes for His Arrogant Tweets
Do Kwon claimed complete responsibility for the “weakness” in Terra’s design that caused exponential declines in his second interview after the implosion.
One of the most well-known incidents in the cryptocurrency market recently is Terra’s collapse. Do Kwon, a former titan of the crypto industry, has spoken out about the accusations made against him with the help of Interpol and the South Korean government.
The co-founder of Terraform Labs said that money, notoriety, or success were never the true motivations behind Terra. Kwon believes that when communicating with other users on crypto Twitter, he became “swept away.”
The Deceitful Do Kwon
Kwon earned a reputation as a snide businessman for calling the cryptocurrency he invented in 2018 “my finest creation.” He gathered a group of financiers, including Lightspeed Venture Partners and Galaxy Digital, as well as his adherents, who dubbed themselves “Lunatics,” with pride.
He became well-known for making fun of his critics. Frances Coppola, a British economist, is one such person who disapproved of the algorithmic stablecoin model. I don’t debate the poor, Kwon had then mocked.
But after the stunning collapse, which had a knock-on effect on the rest of the cryptocurrency market, he might have become more modest. After pausing to think, Kwon responded, “Just because there are nameless cartoon characters that are more liberal with the phrases that they’re using, does not mean that I should have followed suit. ” When questioned if he regrets employing the “cocky” tone, Kwon answered, “I don’t feel any regret at all. I am a sizable introvert in my personal life. There wasn’t a lot of media or Twitter communication when I initially started Terra, but that wasn’t really a significant problem.
The executive claimed in a conversation with Laura Shin on the Unchained Podcast that he created a persona over time to become more “transparent” with the community and that he acted in a particular way primarily for “entertainment value” because it was “fun with joking and shit-posting” with other people on Twitter. He now thinks his tweets were “cringe,” looking back.
“Politically Motivated” allegations
Many people lost their life savings as a result of the brutal meltdown, which destroyed billions of dollars of value from the crypto market. A Taiwanese guy reportedly fell to his death from the 13th level of a luxury apartment building after suffering a major financial loss. In response, Kwon stated that he accepts “full responsibility” for Terra’s design flaw that made it vulnerable to the “cruel” market conditions.
“I apologize. We may have given the impression of being defensive in our responses to claims made in a news article. That in no way resembles that. I had faith in the UST’s stability. You understand that I fully accept responsibility for that and I sincerely apologize.
Despite this, he thinks the accusations made against him by the South Korean prosecutors are “politically driven” rather than real. The executive provided an update, stating that he has not obtained a copy of the red notice allegedly issued by Interpol last month.
Kwon went on to say that he has not been live in South Korea since the end of 2021 but chose not to disclose where he is presently residing out of worries for his safety and privacy.