Terra’s demise is one of most prominent events in crypto industry history. Do Kwon, a former crypto-titan, has spoken out about the accusations against him, with South Korean authorities and Interpol being involved.
Terraform Labs cofounder Kwon maintained that Terra wasn’t really about fame or money. Kwon believes that he was “carried away” by the interaction with others on crypto Twitter.
Do Kwon’s humility
Kwon was known as a trash-talking entrepreneur and called the cryptocurrency he had created in 2018 “my greatest invention”. He rallied a group of investors including Galaxy Digital and Lightspeed Venture Partners, as well as his supporters who proudly called themselves “Lunatics.”
His mocking of his opponents earned him notoriety. Frances Coppola, a British economist, was one of them. She criticized the algorithmic stabilitycoin model. Kwon taunted Kwon, saying “I don’t debate the poor.”
He may have been humbled by the dramatic collapse that affected the entire cryptocurrency market. Kwon, after a pause and being asked if he regrets using the “cocky tone”, said that he does.
“Just because anonymous cartoon characters are more liberal with their words does not mean I should have followed them. My personal life is a little introverted. At the time I started Terra, not much was communicated with media or Twitter. This wasn’t necessarily an issue.
During an interview with Laura Shin on Unchained Podcast the exec stated that he had developed a persona in order to be more transparent with the community over the years and that he did this primarily for entertainment value because it was “fun with joking” and “shit-posting” with others on Twitter. He believes that his tweets were “cringe” when he looks back.
llegations “Politically Motivated”
Many lost their lives savings after the crash that decimated billions of dollars from the crypto market. A report claims that a Taiwanese man leapt from the 13th floor in a luxury apartment tower. He lost a lot of money. Kwon stated that he accepts “full responsibility” and Terra’s design was flawed. It couldn’t withstand the “cruel” market conditions.
“I am sorry. It might seem that we are defensive, judging by the way we have responded to news reports containing allegations. It is not true. I believed in the stability and viability of the UST. I am sorry and will admit that I was wrong.
However, he said that he doesn’t believe that the South Korean prosecutors have brought up any valid charges against him but that they are “politically motivated.”
Kwon also clarified that he wasn’t living in South Korea after 2021 ended, but declined to disclose where he resides currently due to security and privacy concerns.
Featured Image Courtesy Of Mundo Deportivo
CryptoPotato’s first post, Do Kwon Apologizes for Arrogant Tweets and Takes Full Responsibility For Terra’s Collapse, appeared first on CryptoPotato.
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