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Do Kwon, co-founder of Terraform Labs, revealed that he was "devastated" by the collapse of the TerraUSD (UST) stablecoin and its sibling token LUNA last month. He expressed his hope that the thousands of investors harmed by the implosion of the Terra ecosystem are "taking care of themselves."
Kwon also said he had lost virtually all of his wealth in Terra's collapse while refuting charges that the project was a "scam."
Kwon stated in a recent interview with The Wall Street Journal, "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."
Earlier this year, when LUNA was trading at $100, it was believed that Kwon’s crypto assets made him a millionaire on paper. He says the loss of most of his network “doesn’t affect” him because he maintains a “very modest lifestyle.”
The Terra ecosystem disintegrated catastrophically last month after UST, the project’s algorithmic stablecoin, which was meant to maintain a 1:1 peg to the U.S. dollar, lost its parity with the dollar, reaching a low of 13 cents.
During the same period, LUNA (now renamed LUNC), a once-top-ten cryptocurrency used to stabilize UST’s price, plummeted to a fraction of a penny, wiping away tens of billions of dollars in investor capital.
The disintegration of the Terra environment has drawn regulatory concern. In the United States, the Securities and Exchange Commission (SEC) is reportedly investigating a possible violation of federal investor protection rules concerning UST marketing practices conducted by Terraform Labs. At the same time, South Korean authorities have launched a separate investigation to determine whether intentional price manipulation and other issues may have contributed to the collapse of the UST market.
In addition, last week, a class action complaint was filed against Kwon and Terraform Labs in Northern California’s U.S. District Court.
In response to the disaster, the Terra community authorized the start of Terra 2.0, a project that involved the creation of a new LUNA coin, at the end of May.
“I have great confidence in our ability to build back even stronger than we once were,” Kwon stated in The Wall Street Journal, adding that “many builders” are presently “in the process of relaunching their apps on the new chain.”