Terra’s Do Kwon Claims He Has Lost All His Fortune After Terra Blockchain Collapse
one in recent interview With The Wall Street Journal, controversial Terra co-founder Do Kwon said he was “devastated” by the project’s collapse. He hopes the thousands of investors affected by the explosion are taking care of themselves.
Kwon, who is known for his unconfirmed tweets, now says he regrets some of the things he has said in the past.
At the same time, he is confident that the firm will be able to find a way to have a successful second act.
Kwon believes that Luna 2.0, the new iteration of the controversial cryptocurrency, will be able to come out stronger than the original project, which went belly up last month. He claims that many developers are preparing to launch their apps on the new series.
After a promising start, the new coin is already trading down 89.6% from its all-time high, currently trading below the $2 mark.
Terra, which wiped out $60 billion, caused serious market contagion and attracted massive amounts of regulatory scrutiny.
Terraform Labs, the developer behind the failed blockchain, is also facing several legal problems. As U.Today reports, a class-action lawsuit was filed against the firm and its backers last week, with the plaintiffs accusing them of making misleading statements about cryptocurrencies.
Kwon, who was a paper billionaire at the height of the Luna rally, claims to have lost everything. However, he says that such heavy losses do not bother him as he leads a frugal lifestyle.