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. According to Do Kwon, he had probably been a billionaire before LUNA reached an all-time high. However, he lost a lot of his net worth in the wake.
Do Kwon Talks About Terra LUNA Collapse
Do Kwon spoke recently about the LUNA/UST fallout in an interview with Jiyoung Son and Alexander Osipovich of the WSJ. Kwon’s first interview since Terra collapse was published in the interview on June 22. Kwon told the reporters that he lost most of his wealth after the crash but that doesn’t bother him that much. “This doesn’t bother me,” Kwon told the reporters. “I live a fairly frugal life,” the Terra co-founder said.
Kwon said that he regretted the financial losses suffered by investors as a result of the events. “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 stated in the interview. Kwon also spoke out about his confidence, which many call cocky. He said that it was because Terra was something he believed in. Kwon stated:
I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition.” Adding he said, “I’ve since lost these bets, but my actions 100% match my words. Failing and operating a fraud are two different things.
Kwon Has ‘Great Confidence’ in the Terra’s ‘Ability to Build Back Even Stronger’
Kwon spoke about Terra Blockchain and LUNA2.0. LUNA2.0 is currently trading for $1.88, down 90% from its all-time high of $18.87 and has now traded at $1.88. LUNA2.0 has a market cap of approximately $238 million as of June 23. The token has also lost 2.6% in 24 hours. Kwon is optimistic that the revival will continue and believes that LUNA 2.0 can one day surpass the LUNA (LUNC).
“I have great confidence in our ability to build back even stronger than we once were,” Kwon told The WSJ reporters. Kwon’s WSJ interview follows the reports that said the U.S. Securities and Exchange Commission (SEC) was investigating Terraform Labs and the UST collapse. Fatman, a whistleblower, has also claimed that Kwon had large quantities of LUNA in his personal wallets.
Kwon was also accused by Fatman, who claimed that Kwon deposited $2.7billion in cash before the project crashed. But the Terra cofounder denied the accusations and said they were untrue. Kwon is also being sued by Terraform Labs in a class action lawsuit alleging that the co-founder of Terraform Labs misled investors. According to official records, Do Kwon also dissolution Terraform Labs Korea just before the LUNA/UST fall. Three members of Terraform Labs’ in-house legal team left the company amid the controversy as well.
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