Terra Co-Founder Do Kwon sat down for an interview with Trustless Media co-founder and former CNBC reporter Zack Guzman, where he said he is solely to blame for his company’s collapse.
Kwon acknowledged that he was the person who made the project vulnerable, which resulted in the multi-billion-dollar crash. Terra crashed hard in May and suffered accusations of fraud. These accusations not only plundered the reputation of Terra, but Kwon himself.
Do Kwon further insisted that he has never shorted any cryptocurrency in his entire life, denying rumors that he profited from the project’s crash. However, that truth will likely never come to light due to the anonymous nature of cryptocurrency and the blockchain.
Critics and reporters often compare Terra’s dramatic and controversial fall to that of Theranos. Correspondingly, critics directly compare Do Kwon to Theranos founder Elizabeth Holmes. The blood-testing startup crashed at the beginning of the year after Holmes was convicted of fraud and hoodwinking investors. In response to these comparisons in the interview, Kwon claimed that the key difference between the infamous biotech scam and Terra is that the latter actually had a working product.
Terra Co-founder Do Kwon reassures that the coin was working fine before its sudden crash and that he did not intend foul play leading up to the crash. There are many active investigations and lawsuits against Kwon and Terra, including possible jail time. However, the co-founder is sure that his career in crypto will remain a bright one.