The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Friday, September 22, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home News Story

Do Kwon and the Luna crash: the long-awaited apologies

by Ashutosh Thakur
October 19, 2022
in News Story
132
0
Do Kwon and the Luna crash: the long-awaited apologies
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

RelatedPosts

MNBC : l’Australie veut plus qu’une simple monnaie numérique

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

The weight of remorse – Do Kwon, the sulphurous boss of the now six feet under Terra Luna blockchain is still wanted by the South Korean authorities and Interpol.

Never mind, far from seeming to worry about it, he has just granted an interview to Laura Shin, journalist at Unchained. He returns to the incredible story of the Luna crash and his responsibility for the consequences that followed. Narrative of a mea culpa according to Do Kwon.

Do Kwon, the penitent who brushed the moon?

From now on, few are those who have missed the cataclysmic event of last May. In the space of 3 days, from May 9 to May 12, the Luna token lost more than 99% of its value, dropping from $70 to almost $0. Network users, these “ lunatics », fervent supporters of Do Kwon until then, lose fortune. Amounts locked in farming at 20% interest on Anchor or within the various protocols.

Some accuse the event of having definitively ratified the bear market, causing cascading losses. Others accuse him of being the perfect example for regulatory bodies in the upcoming implementation of even more restrictive regulations against the stablecoins. Six months later, what does the main interested party, Do Kwon, think?

The UST-Luna ecosystem, a fall that will be etched in crypto memories and history

Whoever considered in 2018 the Terra Luna system as ” his greatest invention » had fun until now on Twitter to make fun of his detractors with a lot of ironic twists. Far from attracting the sympathy of the public, the boss of Luna did not hesitate to send the economist Frances Coppola back to the ropes when the latter dared to highlight the flaws in his algorithmic stablecoin model. ” I don’t argue with the poor Do Kwon replied.

Asked about his arrogance when the Luna was at the height of his glory, Do Kwon admits to having been carried away.

“Industry jargon [sur Twitter] is called shit-posting. Looking back, I should have restricted myself to more standard language. The fact that we were talking between anonymous cartoon characters and that speech is freer than elsewhere does not mean that I should have followed suit. »

Do Kwon, co-founder of Terraform Labs and the Luna Foundation Guard (LFG)

>> Earn up to 8% compound interest on your cryptos? It is possible with FTX Earn (commercial link) <<

Luna crash, forgiveness to the victims

Victims by the hundreds, by the thousands. A man who had a tumor lost 90% of the $50,000 he received from his insurance on Anchor. Another lost $250,000 in the crash. Television news in Taiwan carried the story of a man with $2 million on Terra who committed suicide after his sum evaporated. Of the heartbreaking stories to which Do Kwon, whose we traced the crypto-portraitfinally answers.

Do Kwon, founder of the Terra Luna ecosystem apologizes to the thousands of victims of the crash, having lost astronomical sums.
Do Kwon’s apology, a thin quid pro quo for Terra crash victims

“To the community that engaged in the Terra ecosystem, used it, sent their tokens within the different protocols; to the companies that had chosen to build on Terra; to hundreds of thousands of users […] ; I take full responsibility [de cet échec]. […] Assuming such an astronomical loss is not something I can easily live with. […] I am sorry. »

Do Kwon, co-founder of Terraform Labs and LFG

Do Kwon strongly believed in the stability of the UST whose capitalization seemed to want to rub shoulders with the largest stablecoins in the ecosystem. The market proved him wrong. The Luna seemed robust, having even reached the Top 10 by CoinmarketCap. The story was different. In crypto more than anywhere else, its youth requires the most great caution investors, because even your favorite token may one day disappear and your investments with it. In a world of incredible opportunities, financial risks are also at the height of DeFi.

Register without delay on the FTX reference platform. In addition, you benefit from a return of up to 8% on all your crypto assets (commercial link, see conditions on official website).

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

MNBC : l’Australie veut plus qu’une simple monnaie numérique
News Story

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
1.9k
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm
News Story

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
1.9k
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?
News Story

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
1.9k
Cryptocurrency News – Week of July 23, 2023
News Story

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
1.9k
USDC at half price and maximum profit: it broke the bank of this casino
News Story

USDC at half price and maximum profit: it broke the bank of this casino

July 21, 2023
1.9k
BlockFi ZAC Prince is accused of negligence over FTX
News Story

BlockFi ZAC Prince is accused of negligence over FTX

July 20, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
MNBC : l’Australie veut plus qu’une simple monnaie numérique

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
Cryptocurrency News – Week of July 23, 2023

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version