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Do Kwon Interview Explains He’s ‘Devastated’ by LUNA Collapse, Says ‘There’s a Difference Between Failing and Fraud’

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During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA tapped an all-time high before the collapse, but lost a great portion of his net worth following the aftermath.

Do Kwon has recently discussed the LUNA and UST fallout during an interview with the WSJ contributors Alexander Osipovich and Jiyoung Sohn. The interview was published on June 22, and its the first interview Kwon has done since the Terra collapse. Kwon told the reporters that he lost most of his wealth after the crash but that doesn’t bother him that much. “This doesn’t bother me,” Kwon told the reporters. “I live a fairly frugal life,” the Terra co-founder said.

Kwon, however, said he was sorry about the losses investors took from the fallout. “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,” Kwon stated in the interview. He also discussed his confidence that many called cocky, and noted that it was because he was a big believer in the Terra ecosystem. Kwon said:

I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition.” Adding he said, “I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.

Furthermore, Kwon discussed the new Terra blockchain and LUNA 2.0 which is down 90% from the $18.87 per unit all-time high and now trades for $1.88. LUNA 2.0 has a market capitalization of around $238 million on June 23 and the token has lost 2.6% during the past 24 hours. Kwon believes the revival will be strong and thinks that LUNA 2.0 could someday surpass the LUNA classic (LUNC) chain.

What do you think about Do Kwon’s interview with the WSJ? Let us know what you think about this subject in the comments section below.

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