Do Kwon Breaks His Silence, Says He Lost His Big Bet on Terra (LUNA) and UST

Do Kwon, the founder and CEO of Terraform Labs, the embattled personality behind the collapsed Terra blockchain, which led to the crash of Terra (LUNA) and the algorithmic stablecoin TerraUSD (UST), has recently admitted to his failure in a recent exclusive interview.

In the yet to be fully released interview by Coinage Media, hosted by Zack Guzman, titled “inside Crypto’s Largest Collapse”, Do Kwon made his first face-to-face interview since the Terra historic collapse of May 2022.

The brief video was released to prepare the people who have been waiting to see Do Kwon speak exclusively about the Terra collapse.

Read Also: Terra (LUNA) Founder Do Kwon Issued “Notice upon Arrival” By Korean Ministry of Justice: Details

In the clip that lasted for just 1 minute and 30 seconds, Terraform founder referred to crypto as a wild card, stating that a lot of pressure was mounted on TerraUSD (UST) as an algorithmic stablecoin.

In the course of the interview, Do Kwon said Terra was not designed to defraud or scam people. He said UST was made to be a stablecoin but failed to remain stable

Do Kwon noted, “…It was supposed to be a stablecoin, but didn’t remain stable. It was started to become industry’s standard, I bet big, but I think I lost…”

The implosion of the Terra (LUNA) ecosystem in May was an event that will remain in the memory of crypto enthusiasts. The ecosystem crashed with the life savings of many people, which led to a number of reported suicides.

The total amount lost in the implosion was relatively $45 billion. The devastating event shook the entire crypto market and other assets, including Bitcoin (BTC) and Ethereum (ETH), are still struggling to recover from the negative impact.

Read Also: Do Kwon Debunks Claims That Terraform Labs Has Special Privilege on Terra Classic (LUNC) Governance

Since the incident happened, Korean prosecutors and other international bodies, have been scrutinizing Terraform Labs founders, including their present and past employees.

It can also be recalled that Kwon confidently told The World Street Journal back in June that he didn’t run a fraudulent project contrary to what many people insinuated.

Do Kwon said, “I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”

He also said, “I have great confidence in our ability to build back even stronger than we once were. Many builders are in the process of relaunching their apps on the new chain.”

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