-->
Luna

Terra Luna Creator Says He’s “Heartbroken” By UST’s Demise

Do Kwon, the mastermind behind Terra Luna and its sister stablecoin TerraUSD has expressed his disappointment over the shocking turn of events that saw the value of both plunge disastrously.

Last Thursday, the TerraUSD token lost its $1 peg status to trade for less than 40 cents. Consequently, TerraLuna on the other hand fell from its lofty heights of $120 at the beginning of April to sell for $0.003 as of yesterday.

“I am heartbroken about the pain my invention has brought on all of you,” Kwon said in a Twitter thread.

“I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money,” he added.

Do Kwon also mentioned that he held on to his Luna and UST tokens despite the assets losing much of their value.

“Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.”

Furthermore, he confirmed that he has been in close contact with several members of the community to discuss the way forward.

In a forum post on Friday, the Terra Lab founder unveiled a “Terra Ecosystem Revival Plan.” 

The core of the plan involves redistributing ownership of the network to UST and Luna holders.

RELATED: LUNA Foundation Guard Set to Lend Out $1.5 Billion in BTC and UST to Defend Stablecoin Peg

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

Metaverse

SHIB Write Rate Up Nearly 408% with Community Stream of New Metaverse Hub

What's in this article1 165 million SHIB burned and destruction increased by 408%2 Burn “trillions …

Leave a Reply

Your email address will not be published.