Do Kwon Has ‘Great Confidence’ in Rebuilding Terra Blockchain: WSJ

Jun 23,2022
KingData News: Do Kwon, CEO of Terraform Labs, expressed confidence today in the latest efforts to rebuild the Terra blockchain following the collapse of its predecessor in May. Terraform Labs CEO Do Kwon told The Wall Street Journal in an interview published Wednesday that he has “great confidence” in the company’s ability to “build back even stronger" than before. Kwon’s proposal to relaunch the Terra blockchain and create a new token was passed in late May following majority votes among holders of Terraform Labs’ Luna governance token. The votes paved the way for the creation of the new blockchain called Terra, while the old version was renamed Terra Classic. “Many builders are in the process of relaunching their apps on the new chain,” Kwon said. Some in the crypto community have accused Kwon of running a sophisticated scam, as reported by the WSJ. Cory Klippstein, the CEO of Swan Bitcoin, called Kwon, as quoted by the WSJ, “a fraudster.” Kwon rejected that description, saying he made confident bets and statements on behalf of the UST because he “believed in its resilience and its value proposition.” “I’ve since lost these bets, but my actions 100% match my words,” Kwon added. “There is a difference between failing and running a fraud.” (The Block)
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.