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Usha Yadav
Oct 1, 2022
by Usha Yadav

Ethereum's Vitalik Buterin Says Terra Luna Team Manipulated The Market

Vitalik Buterin

Table of contents

  1. Terra Collapse
  2. Ethereum's Switch to Proof-of-Stake
Ethereum co-founder Vitalik Buterin asserted that the Terra Luna team tried to manipulate the market to raise the value of the local cryptocurrency in a lengthy interview with New York Times columnist Ezra Klein. As Buterin pointed out, no one knows what the Terra crew did with its vast Bitcoin holdings.

Terra Collapse

In the Canadian programmer's opinion, the Terra Collapse demonstrated that decentralization does not always provide a solution. If the algorithm is poorly implemented, it would still break even if it is open and transparent. Vitalik Buterin said the blockchain project failed due to "poor economics."

Buterin recalled that many "smart people" believed Terra to be "fundamentally awful." As previously mentioned, despite Terra founder Do Kwon supposedly being on the run after South Korea filed an arrest warrant against him, Luna Classic, the surviving component of the failed project, and Luna 2.0 just saw a rebirth this September.

The price decline following the Merge caught Vitalik Buterin off guard. He also stated that the drop in the price of Ethereum (ETH) following the highly publicized Merge event "surprised" him.

Ethereum's Switch to Proof-of-Stake

Even if Ethereum's switch to Proof-of-Stake was a resounding success, the price of the second-largest altcoin has decreased by 18% since September 15. Crypto bulls were disappointed since it turned out to be a sell-the-news event. Buterin also thought that the poor performance of US stocks exacerbated the decline in the price of ETH.

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Ethereum's Vitalik Buterin Says Terra Luna Team Manipulated The Market
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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