Do Kwon, the co-founder and CEO of Terraform Labs, the team behind the algorithmic stablecoin TerraUSD (UST) and the native token LUNA Classic, has made headlines again for saying that he is not bothered about losing almost all his net worth from Terra’s crash because he lives a “frugal life.”
Kwon is a regular figure on Crypto Twitter spewing swagger declarations to his followers and scathing insults to his critics. That’s despite the $40 billion investment wiped out during the Terra collapse that cost many their life savings.
For the 30-year-old South Korean entrepreneur, the crash was just a failure emphasizing that “there is a difference between failing and running a fraud.” In an interview with The Wall Street Journal, Kwon revealed that he made “confident bets” and confident statements about TerraUSD and LUNA in the past because he believed in their resilience and value proposition, adding that while he had “since lost these bets,” his “actions 100% match [my] his words.”
Terra’s popularity rise to was believed to have made Kwon a billionaire on paper but since the crash, no one knows the present worth of the entrepreneur. According to The Wall Street Journal, Kwon has lost “nearly all his net worth him in the crash” but is not bothered because he “lives a fairly frugal life.”
His latest interview revealed how the TFL CEO wanted to change the narrative that claims he is a fraudster. He also seemed to reel in regrets for the arrogant statements he made in the past.
Kwon’s interview came on the heels of several reports from South Korea of a departure ban on both past and current Terraform Labs employees. Apparently, investigators slapped the ban after a TFL whistleblower spilled some “crucial” information about Kwon and his actions in the months leading to the infamous collapse.
The entrepreneur is slapped with a lawsuit filed against him and several crypto investment firms in the US District Court in Northern California. Kwon is currently promoting the native token of the new Terra blockchain LUNA.
The token was trading down 3.53% at $1.90 with a 24-hour volume of $130,241,129 as of 2:22 am ET on Friday, according to the latest data from CoinMarketCap.