LUNA Inventor Speaks: I Bet Big and Lost!

Terra (LUNA) inventor Do Kwon finally broke his silence after the May crash. In an interview that has not yet been fully published by Coinage Media, there are some statements by Kwon. In the interview “Inside Crypto’s Largest Collapse” hosted by Zack Guzman, we hear what the CEO has to say for the first time. Here are the details…

LUNA inventor: They do injustice to UST

As we reported as Kriptokoin.com, the Terra ecosystem collapsed in May. This is unprecedented in the burgeoning world of decentralized finance (DeFi). It shook the entire crypto space and the total loss was around $45 billion. Crypto markets have yet to recover. Do Kwon looks serious in the one-and-a-half-minute video, which tastes like a “trailer” of the interview. This will be Do Kwon’s first comprehensive interview after the collapse. In the clip, Do Kwon talked about crypto as a kind of “wildcard/closed box/unpredictable thing.”

He explained that as an algorithmic stablecoin, a lot of pressure has been placed on UST. It also seems that some Terra form labs employees will also take part in the interview. However, some people are not happy about this. They stated that the meeting was probably a publicity. They said a more reputable interviewer should take over the job. When asked if it was a paid interview, Guzman answered no. Kwon insisted that he wasn’t committing a scam, contrary to what most people think. Kwon used the following statements:

I made sure bets and made confident statements on behalf of UST because I believed in its durability and value proposition. I’ve since lost those bets, but my actions match my words 100 percent. There’s a difference between failing and cheating.

The Terra ecosystem has had a hard time

Both Do Kwon and Terraform Labs are in serious legal trouble in South Korea. Last month, South Korean prosecutors raided 15 organizations linked to the collapse of Terraform Labs’ LUNA-UST coins. Their investigations and the raid on top Korean crypto exchanges were followed by a drop in LUNA price. The Seoul Southern District Attorney’s Office searched exchanges and assets to secure the physical evidence needed to prove the allegations against Terra. Prosecutors searched fifteen organizations, including seven crypto exchanges.

According to a report for News1 Korea, the Seoul Southern District Attorney’s Office Joint Financial and Securities Crimes Investigation Team raided Upbit, Bithumb, Coinone, Korbit, and Gopax for their ties to Terra. According to local media reports, prosecutors raided Dunamu & Partners, the investment arm of Dunamu, which operates the Upbit exchange. There were also tax evasion charges against Terra.