Terra’s Do Kwon Says It’s “Devastated” By Project Collapse
Terra’s Do Kwon Claims He Lost His Entire Fortune After Terra Blockchain Collapse
In a recent interview Speaking to The Wall Street Journal, Terra’s controversial co-founder Do Kwon said he was “devastated” by the project’s collapse. He hopes that tens of thousands of investors affected by the implosion will fend for themselves.
Known for his abrasive tweets, Kwon now says he regrets some of the things he has said in the past.
At the same time, he is confident that the company will be able to find its way to a successful second act.
Kwon believes Luna 2.0, the new iteration of the controversial cryptocurrency, could grow stronger than the original project, which collapsed last month. He claims that many developers are preparing to launch their apps on the new chain.
After a promising debut, the new token is already down 89.6% from its record high and is currently trading below $2.
Terra, which wiped out $60 billion, led to serious contamination of the market and attracted massive regulatory scrutiny.
Terraform Labs, the developer behind the failed blockchain, also faces numerous legal issues. As reported by U.Today, a class-action lawsuit was filed against the company and its financiers last week, with the plaintiff accusing them of making misleading statements about the cryptocurrency.
Kwon, who was a paper billionaire at the height of the Luna rally, claims he’s lost everything. However, he adds that such a huge loss does not bother him as he leads a frugal lifestyle.