Wednesday June 29, 2022

Do Kwon Devastated After LUNA CrashDo Kwon Devastated After LUNA Crash

In a recent interview, Terra co-founder Do Kwon expressed his “devastation” in the LUNA collapse which made thousands of investors impacted by the crash.

The Terra (LUNA) collapsed more than a month ago and Do Kwon and the Terra community hardly trying to rebuild the ecosystem even while LUNA and UST investors were making losses. 

CEO of Terraform Labs expressed confidence in the most recent attempts to recreate the Terra blockchain after the failure of its prior blockchain in May. Following a majority vote Luna governance token, Kwon’s proposal to restart the Terra blockchain and establish a new token was approved in late May. 

The new LUNA, which had a promising start, is currently trading at the $1.97 level and has already lost more than 89% of its value from its all-time high.

LUNA Price Chart (Source: CMC)

Allegations on Do Kwon 

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Terra, which lost $60 billion, caused serious market spread and drew regulatory attention. The accusations against Do Kwon put more pressure on him, $80 million was transferred to a hidden wallet, $2.7 billion was withdrawn, planning to shut down the blockchain, stablecoin looping, Tax fraud, and many more.

Source

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