Do Kwon has revealed to Wall Street Journal about losing his wealth during the recent UST crash. The co-founder of Terraform Labs says that he lost nearly all his net worth in the catastrophe. This is a huge blow to the Korean crypto community as Do Kwon was one of the most influential figures.
Speaking to the Wall Street Journal, Kwon said he had “great confidence” in his team’s “ability to build back even stronger than [they] once were.” He added that many builders are presently in the middle of relaunching their applications on the new chain.
Some people have accused Do Kwon of cashing out $2.7 billion before the market crash, but he has denied these accusations, saying that he lost “most of what he had.”
The circumstances surrounding the collapse of TerraUSD, the stablecoin advocated by Kwon that succumbed to its dollar peg in May, are now being investigated.
The South Korean government has banned some current and former Terraform Labs personnel from departing the nation as prosecutors continue to investigate the TerraUSD crash. Prosecutors are also attempting to invalidate Kwon’s South Korean passport, according to local news channel YTN.
Do Kwon tells the Wall Street Journal that he was probably a billionaire when the Luna token was trading near $100? After the UST meltdown, his net worth has greatly diminished.
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Source: Cryptocurrency - investing.com
