In an interview with the Wall Street Journal, TerraForm CEO Do Kwon expressed his “belief” in the possibility of a successful rebuilding of the Terra Blockchain (LUNA) after the May 2022 crash.
Does Kwon stay positive
Many teams are developing and redeploying their applications from the old blockchain to the new one, which has given them confidence, says Do Kwon.
“Unfortunately, Terra 2.0 appeared to be somewhat dead upon arrival as it did not help doomed investors to recoup their huge losses. Nevertheless, they have expressed hope of reviving a larger and more powerful Terra blockchain. ”
His tweet also demonstrated his belief in the potential of blockchain to win over investors:
Do Kwon claims that after “losing” almost all of his assets as a result of the LUNA-UST crash and “losing bets” at the expense of LUNA, his conviction remains unshakeable.
“I am certain of the potential of UST and the value of its contribution, thus I have gladly accepted the bet offers and made a statement about it with assurance. Even though I have lost those bets by now, My words are always fulfilled by my deeds. Failure and cheating are two different things.”
Scams and legal disputes have rocked Terra!
Terraform Labs and Doo Kwon have been involved in several legal disputes and lawsuits since the collapse. More than 90 loss-seeking Korean investors filed complaints against Mr. Do Kwon, alleging fraud and illegal fundraising.
The Seoul prosecutor’s office acknowledged it was looking into the matter but was unable to provide any other details. All employees of Terraform Labs in Korea, regardless of whether they are still employed by the company or have left it, are currently subject to government-enforced travel and exit restrictions.
According to the WSJ, several members of the cryptocurrency community have also accused Kwon of plotting a complex scam. According to the WSJ report, Kwon was referred to as a “fraud” by Swan Bitcoin CEO Corey Klipstein.
A US citizen sued Terraform Labs, Mr Do Kwon and the investment funds backing the project last week, alleging involvement in fraud and selling unregistered bonds.
Terraform Labs did not comment on these investigations, but said it would take legal action to protect itself.
LUNA price, on the other hand, has been declining steadily since its revival and is currently hovering around the $1.95 level.