Terra’s LUNA cryptocurrency fell from its high peak price of $120 as of April 2022 to a sadly appalling market price of $0.02 and continued further down. The collapse of Luna, which sent chills down the spine of the crypto market, trended on Twitter for weeks.
A new blockchain was built after the crash of the former and alongside a new cryptocurrency. This left users with numerous questions regarding the new coin and co-founder Do Kwon with so many t’s to cross.
The co-founder of the failed cryptocurrency, Do Kwon in a recent interview with The Wall Street Journal, made emphasis that he was “devastated” due to the crash of the one-time bubbly Project. He went further to show his concerns for the massive number of investors who must have been affected by the collapse, wishing they take care of themselves.
He reiterated his assurance that the move of the project to create a new coin and Blockchain was definitely going to be successful. This was backed up by his claims of trigger-ready developers waiting to launch their decentralized applications(Dapp) on the new chain.
Do Kwon is still in an attempt to revive the cryptocurrency proposed on 13th May that an entirely new blockchain be built to sustain the ecosystem leaving behind the initial failed stable coin.
The crypto billionaire who now claims his net worth was wiped out due to the crash believes that the new coin; Luna 2.0, would rise to be better and stronger than the former Project which kicked the crypto bucket in the previous month.
Though, this didn’t play out as earlier stated by Do Kwon. The new project started out with a hopeful debut but has recorded a whopping 89.6% decline trading below $2 mark. Yet, some investors are hopeful.
In the face of all this, Terraform Labs, developers of Terra Blockchain, are facing legal troubles. A lawsuit was filed against Terra and its owners in the previous week, stating that the developers made misleading statements on account of the Cryptocurrency.
Reports reaching CryptoUnfold as of Tuesday declared that In South Korea this week, current and former employees who worked for Terraform Labs were barred from leaving the country, as the investigation into TerraUSD is still ongoing. The prosecutors are looking at invalidating Do Kwon’s national passport.
Even the United States Securities and Exchange Commission probed into the issue to decipher whether TerraUSD violated federal investor-protection regulations before the crash