Do Kwon roots for a ‘stronger’ Terra comeback despite…
Despite facing the music over the Terra fiasco, Do Kwon seems to be quite optimistic about the future. The CEO of Terraform Labs recently expressed “great confidence” in rebuilding the empire that crashed last month. Notwithstanding the crypto-market’s recent bearish trajectory.
Despite running into trouble with furious investors in loss and multiple government investigations, Do Kwon recently told The Wall Street Journal,
“I have great confidence in our ability to build back even stronger than we once were.”
After the collapse of LUNA and its stablecoin TerraUSD (UST), the blockchain was given a new form in a rebirth proposal supported by 65.5% of votes. Passed in late May, the proposal led the way for a new blockchain called Terra, while the old version was renamed Terra Classic.
In fact, according to Kwon, a multitude of developers are now working to relaunch apps on the new chain.
A full-fledged recovery plan, however, failed to ward off all the problems. The South Korean entrepreneur has been accused of fraud and illegal fundraising by many. Investigations on the same are reportedly being run by the Seoul Southern District Prosecutors’ Office.
A lawsuit was also filed less than a week ago by a Chicago investor who suffered losses in the Terra episodes. The class-action lawsuit accused Kwon and Terraform Labs of selling unregistered securities. The other firms that were indicted in the same include Jump Crypto, Jump Trading and Three Arrows Capital. The lawsuit claimed that the two assets that imploded last month resembled securities and were promoted via misleading information.
“On top of selling unregistered securities with the Terra Tokens, Defendants made a series of false and misleading statements regarding the
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