(Kitco News) – Do Kwon, founder of the decentralized finance protocol Terra, recently sat down for one of his first interviews since the collapse of the protocol and its TerraUSD (UST) stablecoin, a $45 billion implosion that sent shockwaves across the cryptocurrency ecosystem.
In his discussion with Zack Guzman from Coinage, the CEO of Terraform Labs admitted that the success of the project led to him having a high degree of confidence and that he “literally didn’t think about even for one second” what would happen if Terra collapsed.
Looking back, Kwon admits that his overconfidence in the project as it was inching close to $100 billion “seems super irrational” now and suggested that he also “never thought about what could happen to me if this fails.”
In defense of the project and his own efforts, Kwon reiterated the fact that Terra was not a Ponzi scheme, noting that some of its earliest investors were among those who were hardest hit by its collapse.
Kwon also took full responsibility for the possibility that there was a mole inside Terra that took advantage of the situation by short-selling the project.
“But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place… I, and I alone, am responsible for any…
