Do Kwon Takes Full Responsibility of Terra Luna Collapse “Responsibility Alone”

Do Kwon Takes Full Responsibility of Terra Luna Collapse “Responsibility Alone”.

LUNA’s founder has taken sole responsibility for the crypto project’s multibillion-dollar collapse earlier this year.

Terra Labs CEO Do Kwon says the $40 billion downfall of LUNA and TerraUSD (UST) is his sole responsibility in a new interview on the Unchained Podcast with Laura Shin.

Do Kwon Says He Is Responsible For Collapse of Terra

In response to the question of what he can say to those affected by Terra’s disintegration, Kwon says that the issues found within the LUNA ecosystem are his fault.

“Whatever issues existed in Terra’s design, it’s weakness [in responding] to the cruelty of the markets, it’s my responsibility and my responsibility alone,” he said.

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“So for the community that engaged in the Terra ecosystem, used its apps, sent tokens and coins into many protocols, the downfall of the companies that chose to build on Terra, for the hundreds of thousands if not million that used Terra currency [and] the Terra ecosystem which was all built on the stability of UST, I own up to that responsibility fully and it’s not easy,” he added.

Asking to Check The Red Notice Status

Kwon was put on red notice by Interpol last month, requesting law enforcement around the world to locate and arrest the crypto entrepreneur.

The notice was sent by Interpol in response to a South Korean arrest warrant for Kwon, which he called highly politicized.

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“To set the facts straight, we are currently requesting a check on the status of the red notice but as far as I understand, it is not an international arrest order and it states so explicitly on its website. Every sovereign nation can interpret a red notice the way it sees fit,” he said.

“A second point of clarification is since the end of last year i haven’t been living in South Korea so it wouldn’t be accurate to say returning to South Korea the more accurate point would be I travel to South Korea,” he added. 

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Jamilatul Mahmudah

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