- Do Kwon told the Wall Street Journal that he lost nearly all his net worth in the LUNA, UST collapse.
- He added that the losses do not bother him since he lives a very frugal life.
- He also explained that he was devastated by the recent events surrounding LUNA and UST and hoped all impacted are taking care of themselves and those they love.
The founder of Terra, Do Kwon, has told the Wall Street Journal that he too was financially impacted by the collapse of LUNA and UST in early May.
Do Kwon Lost Almost All His Net Work Due to the Crash of LUNA and UST.
Do Kwon added that he lost nearly all his net worth due to the crash of LUNA and UST. However, he explained the losses do not bother him since he lives a fairly frugal life.
To note is that Mr. Kwon was a billionaire when LUNA was trading comfortably above $100. The digital asset went on to post an all-time high of $119 in April of this year and before the Terra collapse happened.
At the time of writing, the same LUNA token, now known as Terra Classic (LUNC), is trading at $0.00005697, indicating a staggering 99.999% decline in value in less than two months.
I’ve Been Devastated By Recent Events and Hope Families Impacted are Taking Care of Themselves – Do Kwon.
In addition, Do Kwon told the Wall Street Journal that the crash of LUNA and UST devasted him. He also expressed concern about the well-being of those impacted by the events and hoped they were taking care of themselves and their families. He said:
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.
We Will Build Back Stronger – Do Kwon
Concerning plans to revive the project with the launch of the new Terra (LUNA) chain and the continuation of the old Terra Classic (LUNC) chain, Do Kwon was optimistic that the Terra team and community would continue to flourish. He stated that he was confident that the Terra team would build back stronger than before the events of May.
Do Kwon and TerraForm Labs Face New Legal Challenges.
However, a dark cloud hangs above Mr. Kwon and TerraForm Labs as a lawsuit has already been filed in the United States, and a travel ban has been imposed on the team in South Korea.