Will Terra UST Victims Get Their Money Back? Do Kwon Interview

Terraform Labs co-founder Do Kwon in an interview with Unchained answered if pre-depeg UST holders will get their money back or if it was a rug pull. Terra founder earlier in May tweeted compensating pre-depeg UST (now USTC) holders with USDT or USDC, Luna Foundation Guard (LFG) also with a similar plan to compensate users for their loss.

Do Kwon Declines Compensation to UST Hodlers At This Time

Laura Shin, host of the crypto podcast Unchained, in an interview with Terra founder Do Kwon asked if UST holders will be compensated as stated earlier by him and LFG.

While completely avoiding his tweet in which he promised to compensate pre-depeg UST holders with USDT and USDC, Do Kwon answered why LFG is not in a position to compensate users.

“Foundation guard is not at a state where it can make clear disposal of its assets. There is pending civil litigation against LFG. So until those are resolved, we just are not able to distribute tokens.”

Furthermore, he believes there is not enough clarity over how long the process would take but hopes to complete it soon. He asserts the idea is like a “Goodwill effort” to distribute 313 Bitcoin in USDT and USDC to holders. However, it is “definitely not a refund.”

Also, Do Kwon denied having any personal funds for compensation to the UST holders, despite regretting the $60 billion loss by investors in the Terra-LUNA crypto crisis.

While Do Kwon’s South Korean passport will become invalid this week, he isn’t thinking of returning to South Korea or cooperating with prosecutors. Do Kwon said he hasn’t seen his arrest warrant or name on Interpol’s Red Notice. Moreover, he refrained to talk about his whereabouts during the interview.

Do Kwon Denies Working on Terra Classic (LUNC)

Terra founder Do Kwon denied that he is working on Terra Classic (LUNC). However, Terra Station still supports LUNC and Terra is not looking to work on it anymore. Terra Rebels in the Terra Classic Revival Roadmap revealed their aim to become independent of Terra and Do Kwon.

Terra Classic (LUNC) price is trading at $0.00026, up nearly 1%. Meanwhile, Terra’s (LUNA) price fell almost 2% in the last 24 hours.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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