Terra Luna News Today : Do Kwon Breaks Silence on $45 Billion Terra Collapse

CEO of Terraform Labs, a blockchain network that lost investors $45 billion after its stablecoin TerraUSD (UST) and native staking and governance token Terra (LUNA) fell from an all-time high of $119.18 to $0, has finally agreed to an interview after the project’s collapse.

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Soon after Terra Luna’s demise, on August 14, Zack Guzmán of Coinage Media tweeted a teaser video for an interview with Do Kwon. Before launching into his main argument, Kwon says

“Terra was supposed to be a stablecoin, and it didn’t remain stable. Therefore, it must be a fraud, and must be a scam. Crypto is still sort of like the wild wild west. I think I developed like sort of, an alter ego.”

Guzmán inquired if it was hard for him to read his previous statements, and Kwon responded:

“Yes, but the algorithmic stablecoin was starting to become industry standard. I bet big and I think I lost.”

Many in the cryptocurrency community and those who invested in the Terra project were taken aback by its sudden demise and subsequent losses. Co-founder of the blockchain project that uses fiat-pegged funds to power global payments systems, Daniel Shin, has been the subject of scrutiny from Korean authorities, who have previously executed a search warrant at his residence.

Despite his attempts to disassociate himself from Do Kwon and the Terra project, he is still being held responsible for the harm that has been done.

Although the future of Terra’s management and the project itself (to the extent that anything remains) is uncertain, it is safe to say that the investors who have put money into this initiative will not come out unscathed.