Controversial Terra co-founder Do KwonIn an exclusive interview with The Wall Street Journal, he said that Terra’s failure left him grief-stricken and exhausted. He also said that UST fell overnight and that he was also a victim. He refuted the fraud allegations and strongly emphasized that he was not a liar.
In May of this year, LUNA and UST both fell into a death spiral and fell into waste paper in just a few days. Many investors committed suicide without taking huge losses. Some investors visited Do Kwon’s house in Seoul in despair. For the first time, Do Kwon said:
I’ve been devastated by the recent events and hope all affected families take care of themselves and their loved ones.
Earlier this year, when LUNA was trading near $100, some analysts said Do Kwon had enough holdings to make him a billionaire. To this, Do Kwon responded that although he “never really calculated”, it may be the case, and even so, Do Kwon still lost almost all of his net worth in this crash. “It doesn’t bother me,” he added. “I live a pretty frugal life.”
Just last week, Do Kwon, Terraform Labs (TFL), and others were brought in a class-action lawsuit alleging that they sold unregistered securities and made false statements about the stability of UST, LUNA, in order to induce investors to buy them.
Terraform Labs, which said it would not comment on any ongoing investigations, said the lawsuit was baseless and said it would vigorously defend itself, while Do Kwon appeared in an interview to refute the fraud allegations and strongly emphasized that he was not a liar.
He claimed that UST fell overnight and that in fact he was also a victim, adding that he also suffered losses. In his opinion, the “confidence statement” he has made is all because he has confidence in UST, but it has been interpreted as “arrogant” by the outside world. Do Kwon said,
I made a confident bet and made a confident statement on behalf of UST because I believe in its resilience and value proposition. I’ve lost these bets, but my actions are 100% in line with what I’ve said. There is a difference between failure and fraud.
Known for his outspoken personality in the past, Do Kwon has repeatedly fought UST critics on Twitter, mocking them for being idiots, and jokingly saying “I don’t bet with poor people”, “Are you still so poor?” To put it bluntly, 95% of cryptocurrency companies will close down, “but watching these companies go bankrupt is also full of fun.” He can be described as “open mouth”.
Now, when asked about the tweets, Do Kwon said he regrets his past inappropriate comments.
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