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Do Kwon Says Terra (LUNA) Wipeout Cost Him Nearly All of His Money

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Do Kwon Lost Nearly All His Money in Terra Crash.

Do Kwon, who is controversial and was one of the founders of Terra, recently gave an interview to The Wall Street Journal in which he said that he was “devastated” by the failure of the project. He has the utmost confidence that the tens of thousands of investors who have been adversely impacted by the collapse will look for themselves.

WSJ writes:

“He lost nearly all his net worth in the crash. But according to him, This doesn’t bother him, as he lives a fairly frugal life.”

Terra’s Do Kwon further Tells Wall Street Journal He Is Not A Fraudster And Is Reeling In Regrets For His Arrogant Utterances In the Past.

Do Kwon built a cryptocurrency empire on the back of bravado and an intense following on Twitter. This empire was destroyed in a crash that cost $40 billion only a month ago. Now, in spite of irate investors, investigations by regulatory agencies, and a decline in the value of cryptocurrencies, the South Korean entrepreneur is seeking to make a return.

Kwon, who is well-known for the caustic nature of his tweets, has expressed sorrow for certain things that he may have written in the past. On the other hand, he is certain that the company will be able to chart a course to a prosperous second act if given the opportunity.

Kwon is certain that Luna 2.0, the latest edition of the contentious crypto, would be able to achieve more success than the first project, which was scrapped a month ago due to financial difficulties. According to him, a large number of developers are getting ready to release their applications on the blockchain network.

Terraform Labs and Kwon Facing Legal Troubles

In related news, South Korea and the United States investigators have been investigating the circumstances behind TerraUSD’s demise. The tragedy resulted in the loss of money for thousands of investors throughout the world and triggered a larger collapse in the value of cryptocurrencies.

According to a report from Bloomberg on June 9, the United States Securities and Exchange Commission is looking into whether there was a violation of federal rules regarding the protection of investors in the marketing of TerraUSD before it collapsed. The response from Terraform Labs to the Journal was that the company would not comment on any ongoing investigations.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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