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Do Kwon claims that practically all of his fortune was lost as a result of the UST crash

CJ - Cryptocurrency Enthusiast

  • Do Kwon, a co-founder of Terraform Labs, spoke out about the Terra 2.0 network to the Wall Street Journal
  • When the price of the Luna token was at $100, Kwon informed the newspaper that he was likely a billionaire
  • He rejected claims that he cashed out $2.7 billion before to the upheaval and claimed that the UST crash cost him "most of what he had."

Do Kwon claimed to have lost all of his money because to the recent UST issue in an interview with the Wall Street Journal. The Terraform Labs co-founder believes that the catastrophe wiped off practically all of his money. This is a huge loss for the Korean crypto community because Do Kwon was one of its most important members. In an interview with the Wall Street Journal, Kwon stated his "great faith" in his team's "ability to build back even better than they ever were." He went on to say that several builders were currently relaunching their applications on the new chain.

Do Kwon has refuted allegations that he cashed out $2.7 billion before to the market crisis, claiming that he lost "most of what he had."

Investigations are currently being conducted into the circumstances behind the collapse of TerraUSD, the stablecoin promoted by Kwon that failed to survive its dollar peg in May.

Some current and former Terraform Labs personnel are not permitted to leave South Korea as police conduct their probe into the TerraUSD collapse. Prosecutors are reportedly attempting to have Kwon's South Korean passport canceled, according to local news source YTN.

When the price of the Luna token reached close to $100, Do Kwon told the Wall Street Journal that he was likely a millionaire. His net worth has significantly decreased after the UST crisis.

Despite the downfall of Terra Luna many cryptocurrency enthusiasts believe that events as such are necessary to the cryptocurrency investment market and for developers to keep innovating. If you are one the believers that supports, the emerging new technology, now as always is the best time to get yourself involved. The cheapest coin site out here is BCBitcoin.  Here you can trade crypto, get help to buy Bitcoin and other cryptocurrencies with dedicated team members counselling along the way

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