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

Do Kwon Deny Compensation To UST Hodlers At This Time?

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

Completely avoiding his tweet promising to compensate pre-depeg UST holders with USDT and USDC, Do Kwon replied as to why LFG is unable to compensate users.

“Foundation Guard is not in a state where it can clearly dispose of its assets. A civil procedure is pending against LFG. So until those are resolved, we just won’t be able to distribute tokens.”

He also believes that there is insufficient clarity about how long the process will take, but hopes to complete it soon. He claims the idea is like a “goodwill effort” to distribute 313 Bitcoin in USDT and USDC to holders. However, it is “absolutely non-refundable”.

Do Kwon also denied that he personally had any money for compensation to the UST holders, despite investors losing $60 billion in the Terra-LUNA crypto crisis.

Although Do Kwon’s South Korean passport will become invalid this week, he has no plans to return to South Korea or cooperate with prosecutors. Do Kwon said he did not see his arrest warrant or name on Interpol’s Red Notice. In addition, he abstained during the interview about his whereabouts.

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 doesn’t want to work on it anymore. Terra Rebels in the Terra Classic Revival Roadmap revealed their goal of becoming independent from Terra and Do Kwon.

The price of Terra Classic (LUNC) is trading at $0.00026, up nearly 1%. Meanwhile, the price of Terra (LUNA) has fallen nearly 2% in the past 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 significant period of time and is currently covering all the latest updates and developments in the crypto industry.

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