The weight of remorse – Do Kwon, the sulphurous boss of the now six feet under Terra Luna blockchain is still wanted by the South Korean authorities and Interpol.
Never mind, far from seeming to worry about it, he has just granted an interview to Laura Shin, journalist at Unchained. He returns to the incredible story of the Luna crash and his responsibility for the consequences that followed. Narrative of a mea culpa according to Do Kwon.
Do Kwon, the penitent who brushed the moon?
From now on, few are those who have missed the cataclysmic event of last May. In the space of 3 days, from May 9 to May 12, the Luna token lost more than 99% of its value, dropping from $70 to almost $0. Network users, these “ lunatics », fervent supporters of Do Kwon until then, lose fortune. Amounts locked in farming at 20% interest on Anchor or within the various protocols.
Some accuse the event of having definitively ratified the bear market, causing cascading losses. Others accuse him of being the perfect example for regulatory bodies in the upcoming implementation of even more restrictive regulations against the stablecoins. Six months later, what does the main interested party, Do Kwon, think?
Whoever considered in 2018 the Terra Luna system as ” his greatest invention » had fun until now on Twitter to make fun of his detractors with a lot of ironic twists. Far from attracting the sympathy of the public, the boss of Luna did not hesitate to send the economist Frances Coppola back to the ropes when the latter dared to highlight the flaws in his algorithmic stablecoin model. ” I don’t argue with the poor Do Kwon replied.
Asked about his arrogance when the Luna was at the height of his glory, Do Kwon admits to having been carried away.
“Industry jargon [sur Twitter] is called shit-posting. Looking back, I should have restricted myself to more standard language. The fact that we were talking between anonymous cartoon characters and that speech is freer than elsewhere does not mean that I should have followed suit. »
Do Kwon, co-founder of Terraform Labs and the Luna Foundation Guard (LFG)
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Luna crash, forgiveness to the victims
Victims by the hundreds, by the thousands. A man who had a tumor lost 90% of the $50,000 he received from his insurance on Anchor. Another lost $250,000 in the crash. Television news in Taiwan carried the story of a man with $2 million on Terra who committed suicide after his sum evaporated. Of the heartbreaking stories to which Do Kwon, whose we traced the crypto-portraitfinally answers.
“To the community that engaged in the Terra ecosystem, used it, sent their tokens within the different protocols; to the companies that had chosen to build on Terra; to hundreds of thousands of users […] ; I take full responsibility [de cet échec]. […] Assuming such an astronomical loss is not something I can easily live with. […] I am sorry. »
Do Kwon, co-founder of Terraform Labs and LFG
Do Kwon strongly believed in the stability of the UST whose capitalization seemed to want to rub shoulders with the largest stablecoins in the ecosystem. The market proved him wrong. The Luna seemed robust, having even reached the Top 10 by CoinmarketCap. The story was different. In crypto more than anywhere else, its youth requires the most great caution investors, because even your favorite token may one day disappear and your investments with it. In a world of incredible opportunities, financial risks are also at the height of DeFi.
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