The South Korean tech expert and entrepreneur’s crypto empire crashed in May, accelerating the bear run for the entire crypto market. Now, despite the growing list of investigations by governments and super-angry investors, Kwon is not about to give up. He is back with a new crypto coin!
Kwon Opens Up about the Terra LUNA Collapse
Terraform Labs Chief Do Kwon has discussed the UST and LUNA fallout and explained that he lost almost all of his wealth following the crash. However, he points out that that does not bother him much. “This doesn’t bother me,” Kwon told reporters. “I live a fairly frugal life,” he added.
However, Kwon indicated he was sorry about the losses incurred by investors. “I’ve been devastated by recent events and hope that all the families who’ve been impacted are taking care of themselves and those that they love,” Kwon expressed. He further discussed his confidence, which some investors consider “shaky,” and emphasised that it is because he believed in the Terra ecosystem.
“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition.” Kwon expressed. “I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud,” added Kwon.
Kwon Not Going Away Anytime Soon: Has a New Coin for Investors
Do Kwon might not have so many passionate followers now, but there is a handful that believes in him. One such person is Ronald AngSiy, the vice president at Intellabridge Technology, a decentralised finance (DeFi) company. AngSiy believes that Known is being dragged on the mud unnecessarily.
“I feel really bad for Do because of the way his name is being dragged through the mud right now. On Twitter, he can come off as a megalomaniac, but he’s not like that in person,” expressed AngSiy.
Despite the “hot water” that he is swimming in now, Kwon is not about to give up. He is working on a new Terra Blockchain and a new coin, LUNA 2.0. On the 23rd of June, LUNA 2.0 had a market capitalization of USD238 million.
According to Kwon, the new Terra blockchain will be strong and could one day surpass LUNA Classic. I have great confidence in our ability to build back even stronger than we once were,” he added.
Kwon and Terraform Labs are facing investigations by the U.S. Securities and Exchange Commission (SEC) concerning the UST collapse. They are also facing a class-action suit, which claims that Kwon and his company misled investors.
