Do Kwon Sheds Light On LUNA’s Implosion As Terra 2.0 Ecosystem Revival Plan Gains Momentum

Despite the controversy produced by the de-pegging of TerraUSD (UST), the project’s co-founder Do Kwon appears to have steel nerves, remaining undeterred by the chaos. He maintains that the in-house legal team quit only because of the challenging circumstances, not because of any “shady” dealings. Answering the difficult questions from the community Last week, news surfaced that Terra’s founder Do Kwon was facing tax evasion charges in South Korea, and speculations circulated that the company had relocated its offices to Singapore just days before the accident. When asked about it, Do Kwon said the “time was completely coincidental” and that he had been planning to go to Singapore since 2021, according to various interviews and podcasts. He stated that “we have no outstanding tax liabilities in Korea” and dismissed the charges as false rumors. According to a community member, the initiative may not donate any of the proceeds to supplement the compensation plan. This is because the corporation is “losing $30 billion this year” and has liquidated all of its Bitcoin assets except 313 BTC in a last-ditch effort to salvage UST, according to Kwon. A significant majority of users have been calling for a LUNA burn, and a community member used the Q&A session to question Kwon about his lack of enthusiasm for the proposal. “How would I burn Luna exactly?” Kwon asked. “I don’t own the Luna millions of people are holding, and we control l...