Famous people in crypto industry have spoken against Do Kwon and his behavior during the Terra and Luna crash.
The remaining LUNA/UST holders now are voting for the hard fork that can create a new LUNC (Terra Classic) token.
The platform co-founder Do Kwon thinks this fork could resurrect Terra and Luna. But as he accumulated a stack of problems, a very few seems to believe Kwon.
While there is evolving South Korean parliamentary hearing on the Kwon’s case, some Terra and Luna investors can’t get out of suicidal thoughts.
Some prominent crypto CEOs have already commented on the biggest digital assets collapse in history. And some still stay silent.
So here are a few of the most well-known people in crypto talking about the Kwon, Terra and Luna crash.
Dogecoin founder Billy Markus
Being often called a crypto scammer, the DOGE founder said he is triggered every time he reads about Kwon and Terra and Luna crash.
“It’s quite literally the stupidest thing I have ever seen in my life,” he wrote on Twitter. Markus also called the Terra founders ‘tech bro hubris’ and ‘degenerate gamblers’.
“Tech bros operate in a bubble. They all read the same game theory book and think they understand everything about human nature. They don’t know how humans behave outside of their bubble when they design things,” Dogecoin founder thinks.
Funny that another DOGE founder, who already left the project, said that their token was created for fun and now the idea went too far.
CEO of Pershing Square Capital Management Bill Ackman
Popular hedge fund management company leader recently discussed Terra collapse as a threat to the whole crypto ecosystem. Bill Ackman said that the algorithmically designed coin is a ‘pyramid scheme’. He is in fact claiming Do Kwon with Terra and Luna is not a fair businessman.
“Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business,” Ackman claimed.
According to him, LUNA only gained value after attracting investors globally and ‘took advantage of the fanfare surrounding cryptocurrencies’.
At this point, Ackman thinks the crypto industry needs self-regulation first.
“The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulation shuts down the good and the bad,” he said.
Lastly, a hedge investor said that LUNA/UST is ‘hyping tokens’ that can destroy the entire crypto industry.
Binance CEO Chenpeng Zhao
Recently Zhao said that forking does not give the new fork any value and that’s just wishful thinking.
According to him, the supply reduction should be done via burn.
There should be no forking of old data, and abandoning everyone who tried to rescue the coin.
“I am very disappointed with how this incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response or much response at all. This is in sharp contrast to Axie Infinity — referring to the $625 million (roughly Rs 4,865 crores) hack in March 2021 — where the team took accountability, had a plan, and were communicating with us proactively. And we helped,” Zhao posted.
He confirmed that Binance reached out to the Terra developers for mitigating the crisis. But the Terra network did not respond to Binance’s request.
As we know, Binance and other prominent exchanges have already delisted LUNA/UST from open trading.
Ethereum founder Vitalik Buterin
Few days after the initial collapse happened Buterin proposed to reimburse small UST holders. Payout of between $1 billion to $1.5 billion can ‘greatly improve general morale and sentiment’, he thinks.
“Coordinated sympathy and relief for the average UST smallholder who got told something dumb about ‘20% interest rates on the US dollar’ by an influencer, personal responsibility and SFYL [sorry for your loss] for the wealthy,” Buterin noted.
Ethereum founder added that if Terra just focused on the ‘poorest’ 99.6% of wallets, then they could make this gigantic group 100% whole.
He also wrote the SFYL acronym which stands for ‘Sorry For Your Loss’. That’s about average Terra coin smallholders who ‘got told something dumb about 20% interest rates on the US dollar’ by an influencer.
Sources: The Indian Express