TerraForm Labs Is Down $30 Billion, Says Terra Luna's Do Kwon

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TerraForm Labs founder Do Kwon has said that TFL has lost $30 billion this year, following the Luna crypto crash.

In reply to questions on Twitter relating to the Luna recovery plan that includes the launch of Luna 2.0, the 30-year-old touched on the impact on TFL in the past five months.

Do Kwon also dismissed allegations that accused him of tax evasion, stating he has no outstanding liabilities in South Korea.

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Do Kwon's TerraForm Labs is Down 30 Billion

"We are down $30 billion this year."

This was the statement given on Twitter by TerraForm Labs CEO Do Kwon.

With the Luna collapse causing financial issues for countless holders of both Luna and UST, holders bombarded the TFL CEO with questions about compensation online.

When asked by one user if TFL could donate profits to a UST compensation plan, Kwon told him that the company is down a whopping $30 billion in 2022.

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"It's a difficult time to be at TFL, as I'm sure you can empathise," he said in a separate tweet. "We lost a lot of people last week."

He further reiterated that TFL spent its Bitcoin reserves, stating that most of it went to defending the UST peg. This strategy ultimately failed, with UST now depegged.

Do Kwon also dismissed claims that TFL could contribute to the Luna burn efforts. Users continued to ask him and TFL to use their remaining funds and assets to reduce the Luna circulating supply.

"How would I burn Luna exactly?" he said. "I don't own the Luna millions of people are holding, and we control less than 0.1% of the supply."

Do Kwon and TFL's efforts remain focused on the upcoming Luna fork. With the Terra Luna vote looking set to pass, a new chain will come into existence.

However, TFLs role in the new chain appears to be smaller than its current position. The TFL wallet will not be part of the Luna 2.0 airdrop whitelist, expected to happen on May 27.