Wednesday, May 29, 2024
HomeAltcoinsCo-founder of Terraform Labs is devasted by Terra collapse

Co-founder of Terraform Labs is devasted by Terra collapse

On June 23, Do Kwon, Co-founder of Terraform Labs had an interview with Wall Street Journal where he felt sad and showed concerns for the investors by expressing “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.”  

He also talked about the loss he faced during Terra collapse. He said when Luna was trading near $100, analysts said he was a billionaire. And then in May, his crypto ecosystem crashed, wiping him $40 billion where the crash cost him nearly all of his net worth.

Co-founder of Terraform Labs, Do Kwon expressed:

“This doesn’t bother me. I live a fairly frugal life.”

The Terra blockchain’s Luna 2.0 token is intended to save the Terra Luna environment after the breakdown of the stablecoin.

Do Kwon, co-founder of Terraform Labs expresses confidence about the newly launched Terra 2.0 by stating that he has great confidence in the ability to reconstruct even better than terra was once, in Spite of numerous unhappy cryptocurrency investors, government inquiries, and a downturn in the market for cryptocurrencies. He also asserts that a large number of developers are preparing  to release their apps on the new chain where Luna’s new name is “Luna Classic.”

However, the Luna 2.0 doesn’t go well. On May 28, the new Luna entered by trading at $18.87. And at the time of article writing it’s currently trading at $1.97.

 Read more:

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