In the Terra Crash... Kwon Do-hyung "I haven't counted, but I've lost almost all my crypto assets"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Kwon Do-hyung, CEO of Terraform Labs, who created the Korean stablecoin TerraUSD (UST) and its sister coin Luna, revealed that he also lost almost all of his cryptocurrency assets due to the recent crash.

On the 22nd (local time), in an interview with the Wall Street Journal (WSJ), Kwon said, "I was deeply shocked by recent events," and added, "I hope all affected families take care of themselves and their loved ones."

Regarding reports that he had amassed significant wealth based on valuation when Luna coin's price approached $100 earlier this year, Kwon said, "(That may be so) but I have never actually counted it," and added, "I don't care about that. I live quite frugally."

Kwon was regarded as a rising giant in the cryptocurrency world, but he failed as Terra and Luna prices plummeted last month. It is reported that investors worldwide suffered losses amounting to $40 billion (approximately 52 trillion won). Kwon is dreaming of reviving the Terra blockchain by launching the so-called 'Luna 2.0' coin, but this coin's price has also dropped significantly.

Since the Terra crash, Kwon's whereabouts have been unknown. Due to concerns over personal safety, Kwon has had almost no contact with the media and occasionally expressed his position through his Twitter account, before this WSJ interview.