The Interview

Market Meditations | August 17, 2022

The evaporation of $45 billion of investor capital is not a regular occurrence. How could this have happened, and at such speed? Do Kwon stepped out from the shadows this week to give his account of what happened to LUNA and UST:

  • On Monday, Coinage Media released a first public interview with Do Kwon since the collapse of his famous project.
  • Zack Guzman was putting the questions to Do, including whether he would say Terra was a scam.
  • Do replied “Terra was supposed to be a stablecoin, and it didn’t remain stable. Therefore, it must be a fraud, and must be a scam“, adding “I bet big and I think I lost“.
  • He was also asked whether he was the crypto version of Elizabeth Holmes, the recently-convicted ex-CEO of Theranos. The fraud in this case was for promoting a technology that didn’t work.
  • The crypto community was quick to react to the interview, with well-known critic Fatmanterra calling it a ‘nothingburger‘ and that the Terra CEO lied about many things.
  • Others compared his current life of luxury to the Tornado Cash developer recently arrested in Amsterdam, encouraged legal action, or simply refused to share the video.
  • Currently believed to be residing in Singapore, Do was served a ‘notice upon arrival‘ by the South Korean Ministry of Justice. This means there is an ongoing investigation he needs to comply with.
  • Last month, authorities raided 15 entities related to TerraLabs.

You can watch the full interview here.