Terraform Labs CEO, Do Kwon said he has “great confidence” in the company’s ability to “build back even stronger” than before.
According to the Wall Street Journal, Terraform Labs CEO, Do Kwon said in an interview published on Wednesday, that he has “great confidence” in the company’s ability to “build back even stronger” than before.
Kwon displayed a level of confidence in rebuilding the Terra blockchain following the collapse of its predecessor in May.
The proposal to relaunch the Terra blockchain and fabricate a new token was initiated in May which was succeeded by majority votes among the holders of Terraform Labs’ Luna governance token.
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The votes than were in favor of the creation of a new blockchain called Terra while by the side, the old version was renamed Terra Classic.
“Many builders are in the process of relaunching their apps on the new chain,” Kwon said.
As popularly known in May, the major downtrend that hit Terra led to the falling of the UST stablecoin and Terra’s native asset, Luna.
Kwon said he was “devastated” by the Terra crisis. “[I] hope that all the families who’ve been impacted are taking care of themselves and those that they love,” he added.
After the collapse, the Terraform Labs CEO and Terraform Labs faced with series of class-action lawsuits filed against them which include;
- Selling unregistered securities and making false statements about the stability of the TerraUSD (UST) stablecoin and related token LUNA.
- Other defendants named in the case are Jump Crypto, Jump Trading, and Three Arrows Capital.
- Another major lawsuit from South Korea is still ongoing, with prosecutors barring Terra developers from leaving the country at the present
- Some in the crypto community have accused Kwon of running a sophisticated scam.
On top of all these accusations against the Terraform Labs CEO and Terraform Labs, Kwon made his unshakable confidence in UST known in his statement; “believed in its resilience and its value proposition.”
He added, “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.”
Good to know that following the Terra collapse and the proposal to rebuild and rebranding of the old one to the Terra classic, the burning of Luna classic to stabilize the price cap and control its circulation.
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