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.
“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.