Connect with us

Hi, what are you looking for?

Terra Luna

Terraform Labs co-founder and CEO Do Kwon breaks his silence

Terraform Labs co-founder and CEO Do Kwon broke his social media silence early Friday evening with a trio of tweets about the collapse of Terra’s LUNA token and associated stablecoin, UST.

Do Kwon @stablekwon1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you.

The statements came hours after Kwon floated a proposal via a Terra discussion forum to essentially restart the network with 1 billion tokens distributed to impacted holders and users.  

As The Block has covered in the past week, the paired meltdown of the algorithmic stablecoin UST and Terra’s native LUNA asset resulted in steep losses for those exposed to the market. The resulting chaos ultimately led to blockchain stoppages and market trading halts as the circulating supply of LUNA skyrocketed. 

Earlier Friday, Terra devs said that a post-mortem report detailing the events of the last week was being assembled. “The strength of the #LUNAtics has been amazing. More to come,” that post said. 

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...