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Do Kwon Interview Explains He’s ‘Devastated’ by LUNA Collapse, Says ‘There’s a Difference Between Failing and Fraud’

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During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST explosion that occurred in mid-May. He told the WSJ he was probably a billionaire when LUNA hit an all-time high before the crash, but lost most of his fortune after that.

Do Kwon talks about the collapse of Terra LUNA

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Do Kwon recently discussed the implications of LUNA and UST during an interview with WSJ writers Alexander Osipovich and Jiyeon Sung. The interview was posted on June 22, and is the first interview Kwon has given since the collapse of Terra. Kwon told reporters that he lost most of his fortune after the crash, but that doesn’t bother him much. “It doesn’t bother me,” Kwon told reporters. “I live a pretty humble life,” the co-founder of Terra said.

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Kwon, however, said he regretted the losses investors suffered as a result of the fallout. “I was devastated by recent events and I hope that all affected families take care of themselves and those they love,” Kwon said in an interview. He also talked about his confidence, which many called cocky, and noted that it was because he was a big supporter of the Terra ecosystem. Kwon said:

I made strong bets and made strong statements on behalf of UST because I believed in its sustainability and value proposition.” Adding, he said, “I have since lost those bets, but my actions are 100% true to my words. There is a difference between failure and fraud.

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Kwon ‘very confident’ in ‘Terra’s ability to recover even stronger’

In addition, Kwon discussed the new Terra and LUNA 2.0 block chain, which is 90% below the all-time high of $18.87 per unit and is now trading at $1.88. On June 23, LUNA 2.0 has a market capitalization of around $238 million and the token has lost 2.6% in the last 24 hours. Kwon believes the resurgence will be strong and believes LUNA 2.0 could someday surpass the LUNA classic (LUNC) network.

“I have deep confidence in our ability to become stronger than ever,” Kwon told The WSJ. Kwon’s WSJ interview follows reports that the US Securities and Exchange Commission (SEC) is investigating Terraform Labs and the collapse of UST. Moreover, a whistleblower named Fatman accused Kwon of holding a huge amount of LUNA in his personal wallets.

Fatman also accused Kwon of cashing out $2.7 billion before the project collapsed, but the Terra co-founder denied he cashed out and said the allegations were false. Kwon and Terraform Labs are also facing a class action lawsuit alleging that the co-founder and the company misled investors. Additionally, official reports indicate that Do Kwon disbanded Terraform Labs Korea prior to the collapse of LUNA and UST. Three members of Terraform Labs’ full-time legal team also left the company amid controversy.

What do you think of Do Kwon’s WSJ interview? Let us know what you think about it in the comments section below.



Credit : news.bitcoin.com

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