During a current interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon mentioned he was “devastated” by the LUNA and UST implosion that occurred in mid-May. He instructed the WSJ that he was in all probability a billionaire when LUNA tapped an all-time excessive earlier than the collapse, however misplaced an incredible portion of his web value following the aftermath.

Do Kwon Speaks About the Terra LUNA Collapse

Do Kwon has not too long ago mentioned the LUNA and UST fallout throughout an interview with the WSJ contributors Alexander Osipovich and Jiyoung Sohn. The interview was printed on June 22, and its the primary interview Kwon has accomplished for the reason that Terra collapse. Kwon instructed the reporters that he misplaced most of his wealth after the crash however that doesn’t hassle him that a lot. “This doesn’t bother me,” Kwon instructed the reporters. “I live a fairly frugal life,” the Terra co-founder mentioned.

Kwon, nonetheless, mentioned he was sorry in regards to the losses buyers took from the fallout. “I’ve been devastated by recent events and hope that all the families who’ve been impacted are taking care of themselves and those that they love,” Kwon said within the interview. He additionally mentioned his confidence that many referred to as cocky, and famous that it was as a result of he was an enormous believer within the Terra ecosystem. Kwon mentioned:

I made assured bets and made assured statements on behalf of UST as a result of I believed in its resilience and its worth proposition.” Adding he mentioned, “I’ve since misplaced these bets, however my actions 100% match my phrases. There is a distinction between failing and working a fraud.

Kwon Has ‘Great Confidence’ within the Terra’s ‘Ability to Build Back Even Stronger’

Furthermore, Kwon mentioned the brand new Terra blockchain and LUNA 2.0 which is down 90% from the $18.87 per unit all-time excessive and now trades for $1.88. LUNA 2.0 has a market capitalization of round $238 million on June 23 and the token has misplaced 2.6% throughout the previous 24 hours. Kwon believes the revival might be robust and thinks that LUNA 2.0 might sometime surpass the LUNA traditional (LUNC) chain.

“I have great confidence in our ability to build back even stronger than we once were,” Kwon instructed The WSJ reporters. Kwon’s WSJ interview follows the experiences that said the U.S. Securities and Exchange Commission (SEC) was investigating Terraform Labs and the UST collapse. Moreover, a whistleblower referred to as Fatman has accused Kwon of getting huge quantities of LUNA in private wallets.

Fatman has additionally accused Kwon of cashing out $2.7 billion in funds earlier than the undertaking collapsed however the Terra co-founder denies that he cashed out and he mentioned the allegations have been false. Kwon and Terraform Labs are additionally being sued in a class-action lawsuit that claims the co-founder and firm misled buyers. Additionally, official records point out that Do Kwon dissolved Terraform Labs Korea earlier than the LUNA and UST collapse. Three members of Terraform Labs’ in-house authorized workforce left the company amid the controversy as nicely.

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