In a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon was “devastated” by the mid-May collapse of LUNA and UST ” he said. He told the WSJ that he was probably a billionaire when LUNA hit an all-time high before it collapsed, but lost a large portion of his net worth after the collapse.
Do Kwon talks about the collapse of Terra LUNA
Do Kwon recently discussed the collapse of LUNA and UST in an interview with WSJ contributors Alexander Osipovich and Ziyon Sohn. The interview, which ran on June 22, was the first interview Kwon gave after the Terra collapse; Kwon told reporters that he lost most of his wealth after the crash, but that he was not too concerned about it. Kwon told reporters, “This doesn’t bother me.” I live a pretty frugal life,” the Terra co-founder said.
Kwon, however, said he was sorry for the losses suffered by investors in the case.
“But,” Kwon said of the losses investors have suffered, “I am devastated by the recent events. He also touched on his own confidence, which many say is cocky, and noted that it is because he believes in the Terra ecosystem. Kwon said.
I believed in the resilience of UST and its value proposition, so I confidently bet and confidently spoke up for UST. He added, “I have since lost those bets, but my actions are 100% consistent with my words. There is a difference between failure and running a scam.
Kwon has “great confidence” in Terra’s “ability to get even stronger”
In addition, Kwon described the new Terra blockchain and LUNA 2.0, which is currently trading at $1.88 per unit, down 90% from its all-time high of $18.87. LUNA 2.0 had a market cap of approximately $238 million on June 23, and the token Kwon believes the resurgence will be strong and that LUNA 2.0 could one day surpass the LUNA classic (LUNC) chain.
Kwon told WSJ reporters, “I have great confidence that we can build something even stronger than we once were. “Kwon’s WSJ interview came in the wake of the U.S. Securities and Exchange Commission’s (SEC) investigation into the collapse of TerraForm Labs and UST The interview was in response to reports that the SEC is investigating the collapse of TerraForm Labs and UST. In addition, a whistleblower known as Fatman has accused Kwon of having a large amount of LUNA in his personal wallet.
Fatman also accused Kwon of cashing out $2.7 billion before the project collapsed, but Terra’s co-founder denied cashing out and said the allegations were false Kwon and Terraform Labs have denied that the co-founder and company also accused in a class action lawsuit alleging that the co-founders and the company defrauded investors. In addition, official records show that Do Kwon dissolved Terraform Labs Korea before the collapse of LUNA and UST. Three members of Terraform Labs’ in-house legal team also left the company amid the controversy.
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