Terra’s Do Kwon has finally spoken out about one of the biggest altcoin crashes in the history of crypto, four months after Terra (LUNA) crashed, Do Kwon now admits to his losses, maintaining that Terra was a big gamble that failed.
Terra’s Do Kwon goes bare in new interview
In a latest interview, the Terraform Labs co-founder was quizzed about a handful of things relating to LUNA’s crash, many of which the entire cryptocurrency market has been asking about since the crash. The comparisons to Elizabeth Holmes, the founder of now-defunct “Theranos”, were also brought up.
Similarly, Do Kwon was asked about how he felt about his reiterations that LUNA would bounce back, as well as the overall structure, and he revealed the following.
When asked if it was tough for him to watch when people play back the clips in which he outlined Luna’s possible comeback, he responded, saying, “Cringe, yes. But the algorithmic stablecoin was starting to become the industry standard. I bet big and I think I lost.”
Upon the interview rollout, market participants reacted with a similar collective sentiment.
Do Kwon still thinks highly of his crypto projects
Market players would agree that Terra was headed to the top before its meteoric downswing. The cryptocurrency had already claimed a spot amongst the top 10 cryptocurrencies by market cap. It had emerged as one of the best-performing tokens alongside its counterpart Solana (SOL), up until its massive decline in May.
However, following the interview, crypto-Twitter has collectively responded, highlighting their distaste strongly towards Do Kwon’s move to partake in public discourse while not facing any sanctions from the authorities.
Echoing the sentiments of thousands of others, one user is quoted saying;
“Be aware of founders” that are shilling you Ponzi schemes. I really can’t understand how they are free but not in jail, tho. SEC needs to investigate the relationship between these types of guys and Do Kwon. Luna couldn’t make it without these morons.”
Do Kwon remains committed to the belief that UST was, in fact, a game changer in the industry, and he highlights these points in his most recent tweets.
“Decentralized networks need decentralized money – obvious today more than ever.” He said in a recent tweet. He followed it up by retweeting a tweet that reads, “We need decentralized money. $ust was very important; too bad it wasn’t built on solid ground. Having a decentralized stable should be a priority.”