 
 
As regulators investigate whether Do Kwon — who founded Terraform Labs — was running a Ponzi scheme in the wake of the stunning demise of the UST stablecoin and the Luna governance token last month, the embattled CEO is fiercely defending his actions.
Kwon said in a recent interview that he was “devastated” by the dramatic collapse of the dual tokens and hopes investors that were affected by the tragic events that ensued as his inventions lost virtually all of their value are “taking care of themselves and those that they love”.
“There’s A Difference Between Failing And Running A Fraud” — Do Kwon
Terra’s implosion will be remembered as one of the darkest moments in crypto history. Most people have accused Kwon of masterminding an elaborate crypto-fraud scheme that saw investors losing billions of dollars worth of wealth.
However, the Terra creator says he really believed in the project and its failure was an honest shortfall, not a lengthy and sophisticated deception.
“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition,” he told the Wall Street Journal. “I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”
 
 
Kwon became a crypto billionaire earlier this year following LUNA and UST’s…
