Do Kwon Says He’s No Fraudster and Has ‘Great Confidence’ in Terra 2.0
Do Kwon, the co-founder of Terraform Labs has spoken out about the Terra 2.0 network, which was launched in the wake of last month’s devastating luna classic (LUNAC) and terraUSD (UST) crash.
Speaking to the Wall Street Journal, Kown said he had “great confidence” in his team’s “ability to build back even stronger than we once were.” He said that “many builders” were currently “in the process of relaunching their apps on the new chain.”
Kwon told the media outlet that he had personally lost money in the crash, but refuted claims that Terra was a “fraud.” He was quoted as explaining:
“I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”
Kwon added that he had “never really counted” his LUNAC fortune, even when the coin was at its peak value of around USD 116. He explained that he lost “nearly all” his “net worth” in the crash. But, he said, the losses “don’t bother” him as he leads “a fairly frugal life.”
Regardless, he stated:
“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.”
Many of these “families” will not be contented with apologies. A number of civil court cases have been lodged against Terraform, Kwon, and his business partners in South Korea.
And the Wall Street Journal pointed out that a legal firm representing a Chicago-based Terra 1.0 investor had “filed a suit seeking class-action status against Kwon, Terraform Labs and several other firms, accusing them of fraud and the sale of unregistered securities.”
Terraform Labs was
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