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The co-founder of the Terra ecosystem, which collapsed in early May, said that he was extremely worried about this. Do Kwon said he was “blown away” by the collapse of Terra and the UST stablecoin.
As Do Kwon emphasized in an interviewto The Wall Street Journal, he hopes that the tens of thousands of investors affected by the collapse of Terra have not lost their last money. He also 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 fairly 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 has fallen by 89.6% from its highs and is now trading at less than $2.
Note that the fall of the UST stablecoin andThe Terra ecosystem has attracted significant regulatory attention to the cryptocurrency industry. Assets worth $60 billion “disappeared” from the market, which could not but affect the entire industry. Recently, the US Securities and Exchange Commission (SEC) became interested in Terraform Labs, the company behind the ecosystem.
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