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Do Kwon Sorry for Terra’s Collapse, Refutes Allegations

Terraform Labs founder, Do Kwon has accepted full responsibility for Terra’s collapse. The “wanted” Terra founder talked about the Terra collapse in a recent interview and also addressed the accusations made against him by the South Korean authorities. He took full liability for the $40 billion demise of Terra LUNA and Terra’s stablecoin, TerraUSD (UST).

The Terra Labs CEO apologized and said that the way responses to news reports of allegations had been given, it may seem that they are being defensive, but it is not the case. He said that he believed in the stability of the UST and that he owned up to the full responsibility for that.

Dow Kwon, however, denied the allegations regarding the freezing of the $67 million fund in the interview. He said that none of his funds had been frozen. He claimed that he hadn’t used crypto exchanges like KuCoin and OKX, and neither did he have any funds in them. He further added that he would have noticed if they had frozen.

According to him, allegations have been made that LFG funds were moved into a Gemini custody wallet and that it is still there. All they did, he said, was transfer it to an address stated by the market maker to confirm trade with them.

Do Kwon continues to refute the claims that he is on the run from law enforcement despite Interpol issuing a “red notice” for his arrest last month. The Terra Luna CEO claimed that the order does not contain an international arrest warrant, adding that he has not yet received a copy of Interpol’s red notice. He said that he has complied with all the requests made by South Korean prosecutors for documents.

In addition, Kwon refutes the allegations made against him by the South Korean prosecutors, saying they are illegitimate and politically motivated. He further clarified that he has not been out of South Korea since the end of 2021. Subsequently, Kwon refused to reveal his current place of residence, citing security and privacy reasons.

The collapse of the Terra ecosystem gave a huge blow to the global cryptocurrency market leading to a massive crash. The crash led to huge financial losses for the numerous Terra investors. A man in Taiwan reportedly committed suicide after losing $2 million from Terra.