Terra’s Do Kwon has lost his entire fortune following the collapse of the Terra blockchain
In a recent interview, the controversial Terra co-founder Do Kwon says he was “burnt out” by the project’s demise. He hopes that tens of thousands of investors who have been affected by the explosion are taking care of themselves.
Terra’s Do Kwon said he has been “devastated” by the project’s collapse
Kwon now says he regrets some of the things he said in the past. At the same time, he is confident that the company will be able to find a path to a successful second act.
Kwon believes that Luna 2.0, the new version of the controversial cryptocurrency, will be able to become more powerful than the original project, which launched last month. He stated that many developers are preparing to launch their apps on the new chain. Following a promising debut, the new token is down 89.6% from its record high, currently trading below the $2 mark.
Terra, which wiped out $60 billion, led to severe market dislocation and attracted a large amount of regulatory scrutiny. Terraform Labs, the developer behind the failed blockchain, is also facing a lot of legal trouble. A class-action lawsuit was filed against the company and its supporters last week, with plaintiffs accusing them of making false statements about cryptocurrencies.
Kwon, who was a paper billionaire at the height of the Luna rally, claims that he has lost everything. However, he added that such a big loss doesn’t bother him as he leads a frugal lifestyle.
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