Do Kwon seems unconcerned despite controversy as the Terra 2.0 ecosystem revival plan gains traction

Despite the controversy caused by the de-pegging of TerraUSD (UST), the project's co-founder Do Kwon seemed unconcerned. He maintains that the in-house legal team quit only because of the challenging circumstances, not because of any "shady" dealings.



Responding to the community's challenging questions


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.

Do Kwon said that the "time was completely coincidental" and that he has been planning to go to Singapore since 2021, as mentioned in several 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. In a brave bid to preserve UST, Kwon revealed that the firm is "losing $30 billion this year" and has sold all Bitcoin assets save 313 BTC.

A large majority of users have been making calls for a LUNA burn and a community member took advantage of the Q and A session to quiz Kwon over his lack of interest in the burn plan.


"How exactly would I burn Luna?" Kwon inquired. "I don't own the Luna that millions of people own, and we only control 0.1 percent of the supply." He did, however, provide an address for users who want to burn LUNA to send tokens, but warned that "nothing happens except you lose your tokens."


Despite the fact that Terra does not manage the trade logs of its trading partners, Kwon assured the audience that there was no shadiness of any type throughout the implosion.