Do Kwon Is Confident That He Can Rebuild Terra (LUNA)

Terraform Labs CEO Do Kwon stated that developers are building many new applications on the Terra (LUNA) blockchain, while also denying fraud allegations.

Do Kwon is confident about the prospect of successfully rebuilding Terra

In an interview with the Wall Street Journal, Terraform CEO Do Kwon stated that he was “confident” about the prospect of successfully rebuilding the Terra blockchain (LUNA) after the crash in May 2022.

As mentioned in previous Coincu News articles, after a series of events that caused LUNA-UST, two cryptocurrencies with a total market capitalization of 60 billion USD, to “evaporate” in just 1 week, Terraform Labs has deployed announced a new proposal that led to the creation of Terra 2.0, a new blockchain without the stablecoin UST. Its consequences can still be felt today, linked to the liquidity crisis that Celsius and Three Arrows Capital are experiencing, with the potential to spread further.

Mr. Do Kwon said his confidence comes from the fact that many teams are working on building and redeploying their applications from the old blockchain to the new blockchain.

“I am heartbroken by recent events and hope all affected families can take care of themselves and their loved ones.”

The CEO Terraform Labs said

Mr. Do Kwon asserted that he also “lost” almost all of his assets because of LUNA-UST, not to mention also lost “bets” related to the price of LUNA, but his belief remained unshaken.

“I have confidently accepted betting offers and confidently made statements about UST because I believe in the potential and value it can bring. I’ve lost those bets so far, but my words always come true by actions. There is a difference between failure and fraud.”

Since the collapse, Terraform Labs and Mr. Do Kwon have been embroiled in numerous lawsuits and legal issues. A group of more than 90 damaged Korean investors filed a lawsuit accusing Mr. Do Kwon of fraud and illegal capital raising. The Seoul prosecutor’s office confirmed that it was investigating the case, but could not provide more information. However, the authorities recently issued a travel and exit ban for all Terraform Labs employees in Korea, whether they are still working for the company or have left.

Not stopping there, last week, a US citizen sued Terraform Labs, Mr. Do Kwon and the investment funds that backed the project, alleging fraud and selling unregistered bonds.

Terraform Labs did not comment on these investigations, but said it would take legal action to protect itself.

The price of LUNA, meanwhile, has continuously declined since being revived, currently trading around the $1.95 mark.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu New