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Monday, May 23, 2022

Terra’s Do Kwon ‘Heartbroken’ Over UST Collapse, Doge’s Billy Markus Tells Him To Leave The Industry

In a recent Twitter post, Terra LUNA/USD founder Do Kwon has said that he is “heartbroken” about his creations losing all of their value this week.

Founder of the Terraform Labs, Kwon, said he spent the last several days calling various community members about the tokens’ losing their value.

Responding to his tweet, Dogecoin DOGE/USD co-founder Billy Markus said that Kwon should stop bringing more crypto market issues and leave the industry forever. 

 

Also Read: Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco

Luna was trading at $120 towards the beginning of April. However, it has collapsed this week and traded at $0.0003795 on Sunday. 

Kwon previously mentioned his revival plan and spoke about distributing ownership in the network across UST and LUNA holders. 

He said that 40% percent of the new tokens would be distributed to Luna holders before the de-pegging event, and the remaining 20% will be allocated to Luna holders at the final moment of the chain halt and the community pool.

Kwon mentioned that the network needs to be reconstituted to preserve the vast ecosystem of developers.

He said that the entire system had witnessed total demise. Now, the network has to be built back up from scratch.

Kwon aims to incentivize existing members not to abandon the project completely.

Photo: Do Kwan, Terra site video screenshot

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