CEO Do Kwon has ‘Confidence’ in Terra Blockchain

Kwon commented that many builders are already working to relaunch their apps on the new chain.
CEO Do Kwon has ‘Confidence’ in Terra Blockchain

The CEO of Terraform Labs, Do Kwon, said that he has confidence in the firm’s efforts to rebuild the Terra blockchain after Terra Classic collapsed in May.

In a recent interview, Mr. Kwon said, “I have great confidence in our ability to build back even stronger than we once were.”

Kwon relaunched the Terra blockchain and created a new token following major votes among holders of Terraform Labs’ Luna governance token. Kwon commented that many builders are working to relaunch their apps on the new chain.

In the interview, he noted that even the bigwigs in the crypto industry had shared Kwon’s belief in the future of TerraUSD. He further went on to reveal that he himself lost money in the collapse.

He said that he made confident bets and made optimistic statements on behalf of UST because he believed in its ‘resilience’ and its ‘value’.

Kwon said reassuringly, “I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”

In early May, the Terra ecosystem witnessed a dramatic collapse when both the UST stablecoin and Terra’s native token, Luna, fell sharply. This was followed by continuous market chaos and market volatility.

Kwon said he was “devastated” by the Terra crisis. He further elaborated, “[I] hope that all the families who’ve been impacted are taking care of themselves and those that they love,” he added.

Past few weeks have persistently been chaotic for the firm. Since the TerraUSD crash, many investors in South Korea have filed complaints against Mr. Kwon accusing him of fraud and illegal fundraising.

Towards the end of the interview, he was asked about some of his controversial tweets. He said “Do I regret some of the things I said in the past? Yes.”

Also read: Authorities Ban Terra’s Main Designers From Leaving South Korea

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