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May 14, 2022
by Jafrin Ahmed
Do Kwon Says He’s ‘Heartbroken’ Over LUNA and UST’s Collapse
Terraform Labs co-founder and CEO Do Kwon returned to Twitter for the first time in two days to express sadness over the collapse of Terra's LUNA token and associated stablecoin, UST.
Terra Founder Finally Speaks on the Whole Fiasco
After being silent for the past few days as the Terra network goes into catastrophe, co-founder Do Kwon finally broke his social media silence early Friday evening with a series of tweets concerning the demise of the LUNA token and its related stablecoin, UST.
A few hours after proposing a “Terra ecosystem revitalization plan” to the network’s research forum, Kwon returned to Twitter for the first time in two days to say, “I am heartbroken about the pain my invention has brought on all of you.”
He added that he had spent much of his time on the phone with those who "have been devastated by UST depegging."
A significant number of investors lost money on Terra's downfall, and while Kwon doesn't detail his own losses, he revealed, "Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis."
UST is Not Decentralized Money, Founder Says
Luna, which was worth nearly $120 at the beginning of last month, collapsed in dramatic fashion this week trading at around $0.0002 cents at the time of writing. Its sister stablecoin, UST too saw the same fate and is currently down 84.9% from this past week.
“I still believe that decentralized economies deserve decentralized money but it is clear that $UST in its current form will not be that money,” he wrote in his tweet.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.