Do Kwon breaking silence triggers responses from the community

Published at: Aug. 16, 2022

As the Terra (LUNA) co-founder and CEO Do Kwon breaks his silence about the collapse of the algorithmic stablecoin Terra USD (UST) and LUNA, the community responded with various sentiments against the Terra executive. 

Despite Kwon’s attempts to clear his name in an interview, community members remain unhappy with the Terra CEO. In a tweet, podcaster Eric Conner compared Do Kwon's situation with the Tornado Cash developer who has been arrested. According to Conner, Kwon scammed billions and is still “partying” while Tornado Cash developers wrote some code for privacy and are now “fearing for their lives.” 

Crypto researcher FatManTerra also shared his thoughts on Kwon’s interview. The researcher described the interview as a “nothingburger.” FatManTerra tweeted that the Terra CEO lied about many things in the interview and tried to describe fraud in a way that avoids being implicated but fails at doing so.

Bitcoin (BTC) evangelist Cory Klippsten also weighed in. Klippsten encouraged those who lose their money in the Terra collapse to pursue legal action against Do Kwon. On the other hand, analyst Hailey Lennon believes that the Do Kwon interview doesn't deserve the community's attention. “I’m not sharing a link because it doesn’t deserve clicks,” she wrote. 

While there’s a lot of criticism towards the recent Do Kwon interview. Some still try to shill LUNA and proclaim that Kwon is innocent. A Twitter user wrote that the Terra CEO is currently building a “better LUNA” and did not change his daughter's name.

Related: South Korea's financial watchdog wants to 'quickly' review crypto legislation: Report

In June, South Korean prosecutors imposed a travel ban on Terraform Labs employees. However, since Kwon is already in Singapore, the authorities may consider invalidating his passport in order to launch a comprehensive investigation against him.

In July, the authorities in South Korea acted against those who were linked to the Terra collapse. Prosecutors raided 15 entities including exchanges Upbit, Bithumb, Coinone, Korbit and Gopax. The act was a response to the many legal complaints against the company for the stablecoin incident.

Tags
Related Posts
Terra's Mirror protocol warns community against governance attack
Public blockchain network Terra has confirmed an ongoing scam attack via an official governance poll on Mirror, an in-house synthetic assets protocol. According to Mirror, the attacker launched a public poll on Mirror’s official website, which proposes a freeze on the community pool in case of a scam. NEW MIRROR POLL! ALERT: Poll 211 is SCAM -- sending 25,000,000 MIR to itself ... #vote on 212: https://t.co/FH6RqTbJ2j $MIR $LUNA #terra — Mirror Polls (@mirror_polls) December 25, 2021 According to Poll ID: 211, named “Freeze the community pool in case of scam”, the scammer proposes an upgrade of safer community governance …
Blockchain / Dec. 25, 2021
UST staking goes live on Binance as Anchor reserves fall
On Wednesday, centralized cryptocurrency exchange Binance launched its new TerraUSD (UST) staking program. Although Binance did not name the underlying decentralized finance protocol responsible for the staking rewards, Do Kwon — Terra Luna's (LUNA) co-founder — attributed the origins of the high yield to Terra's flagship Anchor protocol. Anchor rate is now available to 30M+ binance users The anchor yield of web3 is living up to its name. https://t.co/awubGdRJgP — Do Kwon (@stablekwon) April 6, 2022 Terra Luna's ecosystem consists of its algorithmic stablecoin UST and governance/equilibrium token LUNA. The Anchor protocol alleges that it operate as a "crypto savings …
Adoption / April 6, 2022
Exchanges show initial support to Terra revival by listing new LUNA token
Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing its brand-new token, also named LUNA. The HitBTC exchange took to Twitter on Wednesday to announce that the new Terra chain’s token will be available on its platform on May 27. The news comes amid Terraform Labs preparing to relaunch its protocol on Friday and replace the old chain, now referred to as Terra Classic, with the new chain, called Terra or Terra 2.0. The new chain will not be a fork, as it will be created from the genesis block and …
Blockchain / May 25, 2022
Terra 2.0 relaunches according to Do Kwon's revival plan
Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem. Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors. Pheonix-1 mainnet is now live and producing blocks - public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX — Do Kwon (@stablekwon) May 28, 2022 Dubbed Phoenix-1, …
Adoption / May 28, 2022
Terra developers propose revised 95M LUNA ecosystem funding program
On Monday, developers of the Terra ecosystem, which consists of Luna Classic (LUNC), TerraUSD (USTC), and Luna 2.0 (LUNA), proposed a revised expansion program for allocating 95 million LUNA ($248 million). As told by Terra, the new proposal is designed to incentivize development in the Terra ecosystem and fix issues in the original proposal. In the original plan, around 10% of LUNA's total supply, or 100 million LUNA, would be allocated to the ecosystem, with 80% of this amount going to developer mining rewards. However, Terra staff explains that there are only a handful of projects with total value locked …
Blockchain / Oct. 17, 2022