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May 25, 2022

Do Kwon Speaks on Terra 2.0

In the midst of the outrage produced by TerraUSD (UST) de-pegging, the project’s co-founder Do Kwon looks to have steel nerves, remaining undisturbed by the upheaval. He maintains that the in-house legal staff quit only because of the challenging circumstances, not because of any “shady” activity.

Last week, news surfaced that Terra’s founder, Do Kwon, was about to face tax fraud charges in South Korea, and speculations circulated that the business had relocated its offices to Singapore only days before the accident.

When asked about it, Do Kwon said the “time was completely coincidental” and that he had been planning to go to Singapore since 2021, as indicated in several interviews and podcasts. Regarding tax avoidance, he stated that “we have no ongoing tax liabilities in Korea” and dismissed the charges as mere rumor.

According to a community member, it appears that the project will not provide any income to supplement the compensation plan. Kwon added that this is due to the business being “lost $30 billion this year” and having liquidated all Bitcoin assets save 313 BTC in a heroic effort to salvage UST.

A significant majority of users have been calling for a LUNA burn, and a community member used the Q&A session to question Kwon about his lack of enthusiasm in the burn plan.

Kwon suggested last week forking a new blockchain from Terra sans the algorithmic stablecoin, UST. Developers and holders will get airdropped Terra (LUNA) 2.0 tokens, with both IBC DEX and CEX indexed in the snapshot.

The Terra community has finally endorsed Do Kwon’s plan to construct a new Terra blockchain without an algorithmic stablecoin.

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