JAKARTA – The founder of Terraform Labs, Do Kwon, recently revealed the price collapse of the LUNA crypto and stablecoin UST. This statement was made by Do Kwon in an interview conducted by Coinage Media.
The interview was hosted by Zack Guzman on the show "The Biggest Collapse in Crypto." Kwon was silent in discussing the crypto collapse. Then, for the first time he issued a statement regarding LUNA and UST.
The fall in prices of LUNA and UST by more than 99% last May has caused panic in the crypto community and rocked the digital asset industry in general. The total loss was $45 billion, according to a Coingape report.
In a 30-second video clip, Coinage Media presents Do Kwon who is the developer of LUNA and UST. This is the first time Kwon has made a statement after the LUNA collapse in May.
EXCLUSIVE: Do Kwon breaks his silence. Coinage Episode 0: Inside Crypto's Largest Collapse with Terra Founder @stablekwon debuts Monday, August 15. Watch it first with a free Coinage Subscriber NFT at 6:00 am EST (link in bio) pic.twitter.com/MewkOavPm3
— Coinage (@coinage_media) August 14, 2022
Do Kwon mentions in the video clip that crypto is like a wild card and explains that a lot of pressure is placed on UST as an algorithmic stablecoin. Coinage Media also looks set to feature several Terraform Labs employees in its interview.
However, it's an incomplete video clip from an interview with Coinage Media's Zack Guzman. In a Twitter post Coinage Media displays a link to watch the video in full. Coinage will also provide NFT to subscribers who want to access the video.
Regarding the collapse of LUNA and UST, Kwon denied that he had committed fraud as many had expected. He stated he bet big on UST and believed in its value.
“I bet with confidence and make a convincing statement on behalf of UST because I believe in its resilience and value proposition. Since then I lost this bet, but my actions 100% match my words. There is a difference between failing and running a scam. Do Kwon said in an interview with The Wall Street Journal.
Currently Do Kwon and Terraform Labs are facing legal problems in their home country, South Korea. He is suspected of tax evasion and other allegations related to Terraform Labs.
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