South Korean founder of failed Terra coin admits he was ‘wrong’

SEOUL, Aug 17 — The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about US$40 billion of investors’ money in May, has admitted he was “wrong”, but said that he was not talking to South Korean investigators.

In his first public comments since, Do Kwon, the 31-year-old South Korean founder of Terraform Labs, spoke to crypto media start-up Coinage from Singapore, saying the collapse had been “brutal”. But Kwon said in his interview that he had not been contacted by the prosecutors, and has not decided whether he would return to South Korea to cooperate.

To maintain demand for Terra, Terraform Labs started offering eye-watering interest rates, which many critics derided as a Ponzi scheme.

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