Do Kwon, the founder of the notorious Terra ecosystem, has rejected accusations of fraud activity, saying he believed in his vision even though that belief turned out to be a failure.
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In an interview with the Wall Street Journal, Kwon denied fraud accusations, noting that many prominent players in the crypto industry shared his belief in terraUSD (UST). He said:
“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”
Talking about those who suffered financial losses, Kwon only said he had been “devastated by recent events,” adding that he hopes that all the families who’ve been impacted “are taking care of themselves and those that they love.”
Kwon’s comments come after South Korea prohibited current and ex-developers of Terra from leaving the country amid ongoing investigation over the notorious collapse of the ecosystem.
According to local reports, the Seoul Southern District Prosecutor Office’s Joint Financial and Securities Crime Investigation Team barred several top executives of Terraform Labs from leaving South Korea.
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