During a recent interview with The Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA hit an all-time high before the collapse, but lost a large chunk of his net worth after the aftermath.
Do Kwon talks about the collapse of Terra LUNA
Do Kwon spoke about the impact of LUNA and UST during a recent interview with WSJ staffers Alexander Osipovich and Jiyoung Sohn. The interview was released on June 22 and is the first interview Kwon has conducted since the collapse of Terra. Kwon told reporters that he lost most of his fortune after the crash, but that doesn’t bother him too much. “It doesn’t bother me,” Kwon told reporters. “I live a pretty frugal life,” said the Terra co-founder.
However, Kwon said he regretted the losses investors suffered as a result. “I am devastated by the recent events and I hope all affected families take care of themselves and their loved ones,” Kwon said in the interview. He also spoke about his self-confidence, which many described as cocky, noting that it was because he believed deeply in the Terra ecosystem. kwon said:
I’ve made confident bets and made confident statements on behalf of UST because I believed in its resilience and value proposition.” He added, “I’ve since lost those bets, but my actions match my words 100%. There is a difference between failure and cheating.
Kwon has “great confidence” in “Terra’s ability to rebuild even stronger”
Additionally, Kwon discussed the new Terra blockchain and LUNA 2.0, which is down 90% from the all-time high of $18.87 per unit and is now trading at $1.88. LUNA 2.0 has a market cap of around $238 million as of June 23, and the token is down 2.6% in the last 24 hours. Kwon believes the revival will be strong and believes that LUNA 2.0 could one day surpass the LUNA classic (LUNC) chain.
“I have great confidence in our ability to rebuild even stronger than before,” Kwon told reporters at the WSJ. Kwon’s WSJ interview follows reports that the US Securities and Exchange Commission (SEC) is investigating Terraform Labs and the UST collapse. Additionally, a whistleblower named Fatman has accused Kwon of having massive amounts of LUNA in personal wallets.
Fatman has also accused Kwon of paying out $2.7 billion in funds before the project collapsed, but the Terra co-founder denies paying out and he said the allegations were false. Kwon and Terraform Labs are also being sued in a class action lawsuit alleging the co-founder and company deceived investors. Additionally, official records indicate that Do Kwon dissolved Terraform Labs Korea prior to the collapse of LUNA and UST. Three members of Terraform Labs’ internal legal team also left the company amid the controversy.
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