The biggest event in the cryptocurrency market https://binancenote.com/ in the first half of this year was the collapse of Terra and its sister coin LUNA, which plunged the price once reaching $100 to less than $0.1. The value of these two coins, which were ranked 9th and 10th in market capitalization, was once well over 100 trillion won. This has been reduced to nearly one-thousandth of a percentage of its value, hurting many investors, which has led countries around the world to move faster to regulate Stablecoin.
Since the incident, there have been few virtual industry officials or big names supporting Kwon Do-hyung, CEO of Terraform Labs, who can be seen as the main culprit of the incident.
This is because CEO Kwon Do-hyung, known as Do-kwon, usually said, “I don’t discuss with poor people,” focusing only on media play through various SNS.
Since the incident, it has been revealed that the domestic Terra Foundation has already been disbanded, and the Terra Form Labs headquarters, which has been in Singapore for years, has not even done actual work in the first place, with other foreign companies moving in for years.
Many civic groups and governments have filed lawsuits against CEO Kwon Do-hyung, but nothing has been known about his whereabouts. There were many rumors that they had already fled to Dubai.
However, today, the news that a foreign media visited Singapore and conducted an interview with CEO Kwon Do-hyung was posted on the community.
So I’ll give you the relevant news.
Interview with the disappearing CEO Tera Kwon Do-hyung
Kwon Do-hyung, CEO of Terraform Labs, who was interviewed
This is Kwon Do-hyung, who was interviewed by foreign media. For someone who has committed this massive fraud worldwide, he looks rather fat.
I answered the interview with a comfortable look in a short-sleeved T-shirt and shorts.
The interview is known as Terraform Labs’ office in Singapore. It seems to be an office in a different place from the registered address reported by domestic media companies.
Kwon Do-hyung, CEO of Terraform Labs
Kwon Do-hyung starts with the story of why the terrace system collapsed.
His idea was to create decentralized finance, and his goal was to create stable coins, not unstable coins like Bitcoin.
These stable coins again have stable coins that deposit something like dollars as collateral, and algorithmic stable coins that secure stable coins with another coin without collateral. It is said that only the algorithmic approach can escape from a truly centralized financial system.
So the Tera coin guaranteed value with LUNA coins, not dollars or bonds, and designed to keep the system maintained by supply and demand principles, but it just didn’t work.
Summary of Kwon Do-hyung’s remarks
I have to admit that I am wrong now that I have devoted every moment to the Terra project, even my daughter’s name in the last five years, and that I have become the most hated person in the world after everything collapsed in an instant.
The original interest rate for the anchor (Terra’s service, which returned interest if deposited), set within the team was thousands of percent, not 20 percent, which was implemented. However, it turned out that the actual 20% paid was also very high.
The reason for trying to secure UST in Bitcoin was the procedure to create a decentralized stable coin. (In the early days of the TERRA crisis, the actual lottery was held with huge amounts of Bitcoin purchased or borrowed to maintain pegging of 1UST = 1 dollar.)
I think I believed in Bitcoin too much. Given the size of Bitcoin’s market capitalization and the number of participating institutions, I didn’t know it would collapse so rapidly.
When an acquaintance of the interviewer also reported that he committed suicide due to the Terra incident and asked how he apologized, he called people he knew personally after the incident, but it was not easy
When asked if he regrets the attitude of social media, which was previously arrogant and admonished, he said he thought he had acted by creating an entertainer assistant. He said he regretted the attitude of delivering some comments.
As for personal losses, it is said that there was a big loss as a result of a big bet.
CEO Shin Hyun-sung, who created the payment system “Difference” on the day of the interview, was raided by the prosecution. Shin Hyun-sung and Kwon Do-hyung designed Terraform Labs together. Chai also started a business together.
Kwon Do-hyung is said to have nothing to do with the Terra incident and Shin Hyun-sung.
As for the possibility of returning to Korea, such a decision is said to be difficult. There has been no contact from the investigative agency yet, and no charges have been determined.
He answered after a long silence about whether his actions were fraudulent. Fraud is said to be fraudulent when you claim to be true even though you know that fraud is not true.
Whether you’re taking long or short in the market, it’s not wrong to attack the gap because there’s a gap. It is wrong to give the gap, and he is the one who gave the gap.
When asked if he could stay in prison, he said life is long and that the next 20 years are more important than the last few weeks.
In conclusion, I did not give any legally responsible answers.
However, he seems to have said only the nuance that he has moral responsible. The Terra incident has damaged itself, but it seems that it has already formed astronomical assets.
We don’t know when we will enter Korea or when the investigation will begin at the moment.
This situation makes me realize once again that all investments must be made after more careful investigation and study, and it is very difficult to hold them accountable.
Once again, I would like to offer my condolences to those affected by the Terra incident and hope that the uncertainty will be resolved by reorganizing clearer norms on stable coins and virtual currency as soon as possible.