Do Kwon, the CEO of Terraform Labs, the crypto ecosystem whose stablecoin TerraUSD (UST) and native token Terra (LUNA) both failed, has finally made an appearance in public for his first interview following the $45 billion failure of the project.
Zack Guzmán, cofounder and host of Coinage Media, released a teaser trailer for an interview with Do Kwon that would take place following the Terra Luna disaster on August 14. Kwon introduces himself in the teaser trailer by saying:
“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.”
When questioned by Guzmán about whether ‘it’s tough for him to watch’ his past comments, Kwon responded:
“Yes, but the algorithmic stablecoin was starting to become industry standard. I bet big and I think I lost.”
The charge of fraud
Kwon was asked about the accusations of fraud made against him during the interview. Guzman contends that despite knowing her technology was defective, Theranos CEO Elizabeth Holmes continued to promote it.
Theranos became well-known for selling a product that the company claimed could diagnose a number of ailments with just a drop of blood. The technology was just a fantasy. The interview preview indicates that Kwon will address claims that he is simply crypto’s Elizabeth Holmes.
Investor losses have been considerable as a result of the extensive effects of the Terra ecosystem’s death. Additionally, a co-founder of Terra named Daniel Shin recently had his residence searched by Korean prosecutors. Nevertheless, he cut ties with Do Kwon and the Terra project.
A “notice upon arrival” for Do Kwon and a travel ban for Terra cofounder Shin Hyun-seong were requested by South Korean prosecutors looking into the collapse of Terra in July.
As part of their inquiry into the events that led to the Terra platform’s death, investigators from the Seoul Southern District Prosecutors Office raided numerous local cryptocurrency exchanges, including Upbit, taking transaction data and other materials in July.
Han Dong-hoon, the South Korean minister of justice, traveled to New York, where he met with American law enforcement officials to discuss how the two countries may work together to look into illegal activities involving digital assets.
The interview’s complete episode is published on Coinage YouTube.