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Do Kwon believes New Terra will be stronger than before

Do Kwon believes New Terra will be stronger than before, Crypto Trading News
Do Kwon came up with something new coin. But the new LUNA seems to follow the old story. Amid the broader wobbling market, LUNA traded near its all-time lows. While Kwon is in the midst of several active lawsuits and investigations from the US and South Korea, some still believe all the negative press surrounding him isn’t fair.

Do Kwon does not go away

Terraform Labs boss Do Kwon might not have many ardent supporters right now, but there are still a handful of well-meaning employees. One of them is Ronald AngSiy, vice president of the decentralized finance company (DeFi) Intellabridge Technology.

Speaking to WSJ, AngSiy said:

“I feel really bad for Do because his name is being dragged through the mud right now. He can come off as megalomaniac on Twitter, but he’s not in person.”

For the uninitiated, AngSiy has previously interacted with Kwon in business meetings and even served as an ambassador for Terra. He claims to have lost over $1 million of his personal investments in the crash, but that hasn’t stopped the vice president from holding the Terra founder less highly.

However, the crypto community remains divided. For some, Kwon, a 30-year-old graduate of Stanford University, is a total trash talker who likes to taunt his critics as “poor.” Those in his inner circle and virtual cult-like followers believe he is a “misunderstood genius.”

The founder has made several outlandish claims and trumpeted Terra’s mission to create a decentralized system that could eventually run itself. He even threatened competitors and admitted his delight at seeing his rivals fail. Thanks to his ego and flimsy arguments, he managed to faint a cult that proudly called themselves the “Lunatics”.

Experts have warned that the experiment is risky even by crypto industry standards. But it wasn’t enough. Only after the death spiral did the naysayers get louder. To be honest, for outsiders, it’s a great case study for the crypto hype.

He’s definitely toned it down on Twitter since the fateful day, briefly making his account private. He now occasionally posts developments on Terra 2.0, the perceived excitement among creators and developers to build something new on top of it, and tweets to clarify that he’s also lost a lot of money. Kwon says he doesn’t care about the money.

But who is still holding the bag when everything collapsed? The investors – large and small. Several class action lawsuits have been filed alleging, among other things, fraud and the sale of unregistered securities by Terraform Labs and Do Kwon. But the company believes these lawsuits are unfounded.

Believe or not believe

The community members are now building the wiped out one Blockchain-Ecosystem up again. While investigations into Terra’s failures can uncover some interesting tidbits, many prominent space figures believe there are clear signs why investors shouldn’t fall for another Kwon-related project. Cory Klippsten, CEO of cryptocurrency firm Swan Bitcoinsaid for example:

“It was just really obvious how this guy tweeted, how he spoke on camera and how he acted that he was a scammer.”

Source: Crypto News Deutsch

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