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Asharq Al-Awsat
Asharq Al-Awsat
Technology
Asharq Al-Awsat

South Korean Founder of Failed Terra Coin Admits He Was 'Wrong'

FILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, Thursday, Feb. 17, 2022. (AP Photo/Kin Cheung, File)

The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about $40 billion of investors' money in May, has admitted he was "wrong", but said that he was not talking to South Korean investigators.

The dramatic disintegration of stablecoin TerraUSD and its sister token Luna -- which both dropped to nearly zero in value -- hit the wider crypto market, sparking over $500 billion in losses, said AFP.

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