Do Kwon of Terra: 'It Was Never Really About Money or Fame or Success' - Ep. 408

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:
Twitter

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

$2.7 billion cash out

TFL Exit Liquidity dashboard on Dune

Project Dawn

Launch

The Defiant article

Basis Cash
CoinDesk article

Luna Foundation Guard

Ergo-BTC on-chain evidence of more than 313 BTC

Dumps BTC

LFG postpones compensation

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