Do Kwon of Terra: 'It Was Never Really About Money or Fame or Success' - Ep. 408
Unchained
00:00
Intro
This chapter explores the legal challenges faced by the co-founder of Terra Forum Labs following the Terra Luna collapse. Through an interview, key allegations, implications of fraud, and personal impacts are discussed to shed light on the situation for listeners.
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Episode notes
Do Kwon, cofounder of Terraform Labs, discusses the charges against him, gives a message to Terra victims, answers allegations about potential fraud and non-transparent business practices, and much more.
Show highlights:
- whether Do finds the charges based on the Capital Markets Act legitimate
- why he doesn’t want to discuss his location
- whether the South Korean government is lying about the accusations against him
- what happened with the BTC held by the Luna Foundation Guard
- whether Do regrets being so arrogant in his tweets
- what he would say to the people who lost huge amounts of money in Terra or family members of people who committed suicide due to its collapse
- the decision to set Anchor’s yield near 20%
- why Terra had a large SDT pre-mine that was not proactively disclosed
- whether Do’s actions show he didn’t think that the algorithmic mechanism was sufficient to keep UST pegged to the dollar
- whether Terraform Labs cashed out $2.7 billion using Degenbox
- why there were no disclosures about Chai terminating its agreement with Terra
- why the Terra blockchain went through a hard fork without a public discussion
- the failure of the basis cash stablecoin, also worked on by Do Kwon
- whether an algorithmic stablecoin can work
- the week of the UST depeg and what happened to the funds held by LFG
- where the 3 million Luna unlocked per month by Project Dawn went
- when the LFG will return funds to UST holders
- what Do would do differently if he had the chance to go back
* Quick correction*
At 7min 18sec, I misspoke, the Korean government posted a pdf for Do Kwon’s passport revocation, not his arrest warrant.
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Episode Links
Do Kwon:
Previous Coverage of Unchained on Do Kwon and Terra:
- How Will the Legal Case Against Do Kwon Play Out in South Korea?
- Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building
- The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
- The Chopping Block: Does the New Terra Have Any Chance?
- Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
Devastating Stories
- One man commits suicide
- Fat Man Terra’s thread with several stories
SDT pre-mine
- CoinDesk Korea article
Anchor yield
- JTBC article reporting core devs wanted a lower yield
Chai
- WSJ article
- Do’s tweets about Chai:
- 2.5 million users
- Tweet in May 2021
- Tweet in May 2021 #2
- Tweet in January 2021
Abracadabra Degenbox
Project Dawn
Basis Cash
- CoinDesk article
Luna Foundation Guard
Allegations against Do Kwon
- SBS news reporting Do moved funds to the Virgin Islands.
- Seoul Police Probe Allegation of Embezzlement by Terraform Staff
- South Korea Launches Investigation into Company Behind Luna Crypto Crash
- Class action against Do Kwon
- Was LUNA a Security?
- Korean prosecutors are looking into Terra
- Red Notice
- “Not on the run”
- Kwon’s Passport
SEC Actions Against Terra
- SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra
- Terraform Labs Loses US Appeal over SEC Subpoena
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