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The founder of troubled stablecoin issuer Terra (LUNA) is single-handedly responsible for the multi-billion dollar collapse of cryptocurrency projects earlier this year.
In a new interview with Laura Shin on the Unchained Podcast, Terra Labs CEO Do Kwon said: To tell The $40 billion depreciation of LUNA and its stablecoin TerraUSD (UST) is his sole responsibility.
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When asked if he had anything to say to those affected by Terra’s collapse, Kwon says he is to blame for the problems found within the LUNA ecosystem.
“Whatever is wrong with Terra’s design, it’s a weak point. [in responding] To the cruelty of the market, it is my responsibility, and only mine.
So for the community that has been involved in the Terra ecosystem, used its apps, and sent tokens and coins to the many protocols, the downfall of the companies that chose to build on Terra will be the millions that used the Terra currency. Hundreds of thousands, needless to say. [and] The Terra ecosystem is all built on the stability of UST, and I take full responsibility for that, but it’s not easy.
Last month, the International Criminal Police Organization issued a red notice to Kwon urging law enforcement agencies around the world to locate and arrest the crypto entrepreneur. The Interpol notice comes after South Korean authorities issued an arrest warrant for Kwon, who said the move was highly political.
Kwon said he requested that the status of the red notice be verified, but he said this was not necessarily an arrest warrant because the state was free to interpret Interpol’s request.
“To clarify the facts, we are currently asking you to confirm the status of the Red Notice, but as far as I understand this is not an international arrest order and is explicitly stated on its website. All sovereign states may interpret the Red Notice as they see fit.
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Featured Image: Shutterstock/GarryKillian/WindAwake
