Do Kwon, the embattled founder and CEO of Terraform Labs, has revealed that the historic collapse of the Terra ecosystem wiped out nearly all his net worth.
In a recent interview with The Wall Street Journal (WSJ), Kwon stated that he has been devastated since the collapse of the Terra (LUNA) ecosystem. However, he showcased confidence in the effort of his team to get the blockchain back on track, believing that he’s still capable of making the project stronger.
We Are On Twitter: Follow Us
Do Kwon, who has been under investigation alongside his team at Terraform Labs, said this during the interview with The Wall Street Journal, “I have great confidence in our ability to build back even stronger than we once were.”
Kwon also told WSJ that he has lost almost all his net worth in the historic LUNA and UST crash, but he’s not bothered as he lives a fairly frugal life.
He stated further that he’s not a fraudster, adding that he’s currently regretting all his past arrogant utterances.
Do Kwon Is Confident that the Company Will Bounce Back
Despite the current challenges, Kwon is still optimistic about getting the project back on track. He said he believes he’s capable of developing solid and better projects.
In the course of the interview, Do Kwon said many developers are currently working on relaunching their applications on the new chain
“I have great confidence in our ability to build back even stronger than we once were. Many builders are in the process of relaunching their apps on the new chain.”
It’s also in the news that the key designers of Terraform Labs have been slammed with a departure ban by the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team (Collaborative Team). This implies that they cannot leave the country at the moment due to the ongoing investigation.