The co-founder of the Terra ecosystem, which collapsed in early May, said he was extremely worried about this. Do Kwon stated that he “was just destroyed” by the collapse of Terra and the UST stablecoin.
As Do Kwon emphasized in an interview with The Wall Street Journal, he hopes that the tens of thousands of investors affected by the collapse of Terra still have not lost their last money. In addition, he apologized for some of his harsh messages on Twitter.
The co-founder of Terra noted that he himself lost all his money after the collapse of Terra, but this does not bother him too much, since he leads a rather ascetic lifestyle.
Do Kwon is confident that Luna 2.0 will be a more successful and stronger cryptocurrency. He stated that many developers are preparing to launch their projects on the new blockchain. At the same time, the cryptocurrency itself fell by 89.6% from its highs and is now trading at less than $2.
It should be noted that the fall of the UST stablecoin and the Terra ecosystem attracted significant attention from regulators to the cryptocurrency industry. Assets worth $60 billion “disappeared” from the market, which could not but affect the entire industry. Terraform Labs, the company behind the ecosystem, was recently approached by the US Securities and Exchange Commission (SEC).