Despite a $40 billion wipeout of two major tokens, fallen Terra co-founder Do Kwon reportedly said that he was little affected due to a modest lifestyle and reiterated that he committed no fraud.
«This doesn’t bother me,» said Terra co-founder Do Kwon in an interview with «Wall Street Journal» on the crash of stablecoin TerraUSD and sister token Luna, adding that he was probably a billionaire at the height of the latter’s price at nearly $100. «I live a fairly frugal life».
Meanwhile, Kwon and staff at Terra Labs face more trouble ahead with South Korean authorities barring some current and former employees from leaving the country while the US Securities and Exchange Commission is probing the firm’s marketing of its stablecoin for potential regulatory violations related to investor protection.
«I Made Confident Bets»
According to Kwon, accusations that his business is a fraudulent scheme are untrue and that he had merely made an honest misstep.
«I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition,» the 31-year old Korean crypto developer said. «I’ve since lost these bets, but my actions 100 percent match my words. There is a difference between failing and running a fraud.»
