CEO Do Kwon and the “untold things” after the fall of Terra

CEO Do Kwon and the “untold things” after the fall of Terra

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2022-08-19 15:11:48

For the first time after the LUNA – UST incident, founder and CEO Do Kwon revealed himself to the public through a video interview with Coinage Media.

Do Kwon finally broke his silence after almost 3 months

Last August 14, Coinage Media revealed an interview with the founder and CEO of Terraform Labs – Do Kwon. This is the first time Terra’s creator has spoken out since the LUNA – UST crash rocked the entire crypto sector.

The interview was conducted at the office of the founder of Terraform Labs in Singapore. Here are some of his thoughts on what happened during and after the fall of Terra.

What did Kwon do when UST lost 1 USD peg

The night of June 7th was when UST saw the loss of pegs for the first time, starting at the pool on Curve Finance. At that time, Do Kwon said he was in Singapore.

“I just woke up and noticed that the Curve pool was out of balance because someone made a big transaction. Twitter is flooded with predictions about UST. And my first act was…. I talked to a few people on Twitter and went back to the Telegram message and … then didn’t do much at that point.” – Do Kwon said.

Although, the founder of Terra has reassured the community on Twitter many times, emphasizing this depeg is normal and this situation will be fixed soon.

However, in reality, Do Kwon shared that the situation behind was much more complicated. He said that, at the time of the attack, the project management team was on the plane for the regular conference at Terraform headquarters in Singapore.

Do Kwon believes that too many coincidences have happened. The timing of the transfers and movements of the advisory team are all confidential internally. According to Kwon, there was definitely a leak from inside the company.

“The only people who know are employees from Terraform Labs and if you ask me if this is by an internal ‘spy’, then yes.” – Do Kwon said.

Kwon admitted he didn’t sleep for eight days straight and ate only one burito (bread-like) during this time.

UST is a scam or fail model?

When asked about the concept of fraud, Do Kwon kept quiet for a moment and replied that fraud is when you know that it is not true but still try to argue that it is true for personal gain. Kwon said he was among the group of investors that suffered the most by the LUNA incident and he himself could not determine the full amount of his loss. “It goes down infinitely,” he describes.

Many times during the conversation, Do Kwon said “I was wrong” and firmly believed that this was not a scam. It would be a “stupid” Ponzi scheme to lose fame, time and in addition the name of one’s own daughter.

Do Kwon also talked about Anchor, the staking project on Terra. Many project staff objected to the 20% maintenance rate because of their suspicion of unsustainability. Said by Kwon “Actually a lot of people wanted it (the interest rate) to be several thousand percent.”

Commenting on his current situation while in Singapore, while nearly every Terraform Labs employee cannot leave Korea, Do Kwon said that he has not considered returning to Korea because the investigation team has never contacted or convicted. whatever you.

Do Kwon named his daughter LUNA

Do Kwon named his daughter LUNA
Do Kwon named his daughter LUNA

Before the Terra incident in May 2022, Do Kwon welcomed his first daughter in mid-April. Announced on Twitter, Kwon said that his first daughter’s name would be named after “invention” my greatest”, or LUNA.

However, even when the LUNA – UST collapse later caused Do Kwon to suffer, he said he had no plans to change her name.

“I am motivated to believe that her name is not something she would be ashamed of but something for her to be proud of.” – Kwon said.

Do Kwon’s plans in the future

Do Kwon sitting at the Singapore office
Do Kwon sitting at the Singapore office

“I think I will spend more time doing meaningful things in the next 20 years than I have in the past six months.” – Do Kwon said.

Immediately after the collapse of LUNA-UST, Do Kwon started a new job when implementing Terra 2.0, rebuilding his “empire”, but this time there will be no algorithmic stablecoin.

“Talking about the future of Terra 2.0, I have a lot of faith in the community I’m building. I will always build for Terra and the community. This is my house.” As stated by Kwon.

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