Do Kwon says he takes full responsibility for the collapse of Terra
Join Our Telegram channel to stay up to date on breaking news coverage Do Kwon, the co-founder of Terraform Labs has taken responsibility for the “weakness” in the design of the Terra network that triggered its collapse. Terra collapsed in May, causing around $60 billion in losses. Do Kwon takes responsibility for Terra’s collapse The collapse of Terra has attracted regulatory attention, with authorities in South Korea inviting Interpol to issue a red notice against Do Kwon. The Terraform Labs co-founder has now opened up on the troubles facing him. Kwon attracted backlash from the crypto community for what many termed as arrogance by mocking his competitors. In one instance, Kwon responded to Frances Coppola, a British economist that criticized the design of Terra’s algorithmic stablecoin, saying he does not “debate the poor.” Nevertheless, Kwon rallied major investors into Terra, including Galaxy Digital and Lightspeed Venture Partners. ...