Terra labs co-founder Do Kwon finally came out to give an interview after responding to the critics via Twitter. The crypto refugee Kwon talked about the historic fall of Terra Luna and the deppegation of the UST. However, this event led to the collapse of the global crypto market.
Doe Kwon’s take on Terra UST fall
In the interview, Do Kwon stated that he deeply regrets how things turned out with Terra’s stablecoin UST. However, he urged the new developers to learn from what happened in the Terra.
He added that learning from this incident will help them create decentralized money that is not only resistant to censorship, but also more transparent and more resistant to failure. However, he said that by keeping failures apart, he worked and built some interesting apps. This also includes creating UST.
Crypto refugee stressed that building Terra UST and watching it grow and grow over the years was very valuable. This can certainly help other people to create a decentralized currency.
Where is Terra Chief hiding?
Previously, Coingape reported that crypto refugee Do Kwon hiding in Singapore is wrecking Singapore’s crypto-friendly reputation. Kwon registered Terra labs in Singapore in May 2022. However, the South Korean official states that the Terra Chief traveled to Singapore in April.
The collapse of the Terras UST and LUNA then left a huge dent in the crypto market capitalization. More than $60 billion disappeared from the market in just a few days.
Terra LUNA hit the $116 price level in April. However, Terra LUNA classic is trading at an average price of $0.000262 at press time. It still maintains a market cap of around. $1.6 billion.
Meanwhile, Terra’s, intended as a stablecoin, is trading at an average price of $0.038, as of press time.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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This post Terra Luna Do Kwon Laments the Fall of UST in New Interview
was published first on https://coingape.com/terra-luna-do-kwon-regrets-fall-of-ust-in-a-new-interview/