Earlier this morning, Zhu Su expressed his displeasure at the Luna slide in a series of tweets† Zhu Su, the CEO of 3AC, expressed his remorse and apologized for ignoring the frequent warnings from Terra’s ecosystem† 3AC is a former premier EMFX currency and crypto asset store.
What’s going on with LUNA?
Several months ago, Zhu Su publicly ridiculed Eth and Luna started shilling non-stop. As a result, many took his judgment and went on to acquire massive amounts of Luna stablecoin.
Fast forward to this week, Luna’s market cap went from $12 billion to less than $1 billion in a matter of days, hitting many investors and traders. Two days ago, the Luna coin’s market cap fell below $DAI.
Meanwhile, Zhu Su apologized and stated that he was still for the stablecoin and willing to help Terra in any way he could.
The Genesis of Terra’s Downfall
The controversial crash of the Terra USD stable coin has caused panic in the crypto market. Terra’s LUNA/USD officially halted blockchain production when the blockchain’s native token hit a low of $0.000033 on Thursday.
Terra Network has officially confirmed that the block is officially breaking down at 7607789. Terra Validators made such a decision as they devise a plan to reconstruct a new token and then distribute it to the rest of its members in its ecosystem.
Until now, Terra has been criticized for feigning an excellent image around Luna. Terra was largely known for steadily targeting trends such as stablecoin, L1 chain, DEX, etc., but also attacked other projects including ETH.
The recent collapse in the crypto world that wiped out billions of dollars in the market is largely contributed by the ongoing woes of TerraUSD or UST, which is believed to be equal to the US dollar ($1).
From the start, Luna’s structure was deeply flawed, as it strongly reflected the characteristics of an under-stabilized currency, not to mention the economic complexities that arose.
Meanwhile, Terra’s Blockchain is not the only victim of the stablecoin turmoil. Bitcoin is up 8% in the past 24 hours, after falling this week to levels not seen since late 2020.
Currently, UST is trading around 14 cents or even less in various parts of the market. The close collaboration between Luna and UST was a catalyst for Luna’s demise. With UST losing its pen, LUNA is now worth $0.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @sharmasunil8114 and contact him at sunil (at) coingape.com
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This post LUNA Leading Investor Zhu Su of 3AC Responds to Luna’s Demise
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