Do Kwon Sorry for Arrogant Tweets, Takes Full Responsibility for Terra’s Collapse
In his second interview following the implosion, Do Kwon said that he takes full responsibility for the “weakness” in Terra’s design that led to astronomical declines.
One of the most well-known incidents in the cryptocurrency market recently is Terra’s collapse. Do Kwon, a former giant of the crypto industry, has spoken out about the accusations made against him with the help of Interpol and the South Korean government.
The co-founder of Terraform Labs said that money, notoriety, or success were never the true motivations behind Terra. Kwon believes that when communicating with other users on crypto Twitter, he became “swept away.”
Kwon continued by saying that he has not been in such state of mind since the end of 2021 but would not reveal his current residence due to safety and protection concerns.
The humbling
Terra’s demise exposed how little we actually knew about Kwon outside of his LinkedIn and Twitter accounts. After completing his computer science degree at Stanford in 2015, he temporarily worked for Apple and Microsoft before founding Terra.
Two days after UST’s decline started, Coin Desk purportedly doxed Kwon as the “Rick” (a reference to the other half of the “Rick and Morty” cartoon combo) behind Basis Cash (BAC), a failed algorithmic stable coin project that lost its dollar peg permanently early last year. BAC is currently just worth a few cents.
Kwon yet looks unwavering. Last Monday, he finally took the blame for UST’s historic failure after two days of Twitter quiet. He also seems to have taken up the challenge of restoring Terra. On Monday, he offered to fork the LUNA block chain, rename the existing chain Terra Classic, and delete all UST from the new chain.
A preliminary vote on Terra’s community forum resulted in almost total rejection of Kwon’s idea. Many would rather Kwon take Champing Zhao’s advice and buy and destroy the majority of LUNA’s hyper inflated 6.5 trillion token circulation supply. Although Kwon is arguing against what the people wants, he is aware of it. Instead of just rejecting his detractors directly this time, he is having critical and helpful dialogues with them.
He’s had some serious heat on him as well. Allegations of fraud and insider trading, among other things, have been levelled against him by irate investors and agitated Twitter users. Local Korean sources have claimed that he may have avoided paying taxes, but this past weekend, he seemed to deny the claims, claiming that all has been handled with the Korean government.
In the coming weeks—months?—the crypto community will sift fact from FUD, but Kwon won’t change, thus Terra is still on everyone’s radar whether or not it is solvent. Although Kwon’s flatterers may have found his charming arrogance and digital fool’s gold to be an alluring image, the room has now grown more somber. At least right now.
Politically Motivated Attacks
Since 2014, a small number of organizations with political agendas have used legal actions, DE platforming campaigns, and challenges to the tax-exempt status of organizations, and other methods to obstruct the important work of nonprofit organizations. Despite the fact that these organizations assert their activities are meant to increase security, they obstruct the NGOs’ important job. Disinformation regarding the activities and reputations of organizations, disguising itself as “research,” is at the heart of these efforts and is employed to take advantage of genuine counterterrorism and whistleblower legislation.
This is the most recent instance of misinformation being used to discredit humanitarian activity. Disinformation about NGOs has received support on Capitol Hill for a number of years, and this phone “research” has even found its way into tools used by financial institutions to evaluate their clients and prospective clients.
