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The Crash of LUNA has 'Devastated' Do Kwon

Mr. Kwon told the reporters that he lost most of his wealth following the crash, but that doesn't bother him too much. "I'm not bothered," Kwon said. "I live a relatively frugal lifestyle," the Terra co-founder added.

Alexander Osipovich and Jiyoung Sohn of the WSJ recently interviewed Do Kwon about the LUNA and UST fallout. It was Kwon's first interview since Terra collapsed on June 22. Here is a summary description of the interview with a couple of added facts.

Mr. Kwon told the reporters that he lost most of his wealth following the crash, but that doesn't bother him too much. "I'm not bothered," Kwon said. "I live a relatively frugal lifestyle," the Terra co-founder added.

However, Kwon apologized for the losses investors suffered from the crash. Kwon said in the interview that he has been devastated by recent events and hopes the families affected are taking care of themselves and those they love. Likewise, he spoke about his confidence, which many deemed cocky, and explained that it resulted from his strong belief in the Terra ecosystem.

"[Terra] is resilient and provides value, so I made confident bets and asserted it with confidence." He added, "I have since lost these bets, but my actions are in line with my words. Failing is different from fraud," said Kwon.

Terra Will Rebuild Stronger than Ever

Additionally, Kwon discussed the Terra blockchain and LUNA 2.0, which fell 90% from its all-time high of $18.87 per unit and is now trading at $1.88. According to Kwon, LUNA 2.0 can potentially surpass the LUNA Classic (LUNC) chain someday. A market capitalization of $238 million has been reached by LUNA 2.0 over the past 24 hours, a decrease of 2.6%.

“I believe Terraform Labs will rebuild even stronger than it was before,” Kwon told WSJ reporters. Kwon's WSJ interview follows reports that the Securities and Exchange Commission (SEC) is investigating Terraform Labs and the UST collapse.

Kwon is also accused of having massive amounts of LUNA in his personal wallet by a whistleblower named Fatman. As part of Fatman's accusations, Kwon was also accused of cashing out $2.7 billion before the Terra project collapsed. Still, the Terra co-founder denied cashing out and said the allegations were untrue.

There is a lot more out there definitely worth reading about all of this. All you have from me are the basic facts of the case. There are others full of opinions. Some are good opinions, and others are not good. I would go into some of it if I were writing a book, so "do your own due diligence," as they say.

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