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Do Kwon, co founder of Terra labs after replying to the critics over Twitter finally came out to give an interview. The crypto fugitive Kwon talked about the historic fall of Terra Luna and the deppeging of the UST. However, this event triggered the collapse of the global crypto market.
Do Kwon’s take on Terra UST fall
In the interview, Do Kwon stated that he deeply regrets how everything 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 to create decentralized money that is not just censorship resistant but it will be more transparent and resistant to failure. However, he mentioned that by keeping failures apart, he had worked and built some interesting apps. This also includes creating UST.
Crypto fugitive highlighted that building Terra UST and watching it scale and grow over the years was very valuable. This can surely help other people to create a decentralized currency.
Where is Terra Chief hiding?
Earlier, Coingape reported that the crypto fugitive Do Kwon hiding in Singapore is demolishing 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 back in April.
The collapse of the Terra’s UST and LUNA went on to put a huge dent in the crypto market cap. More than $60 billion vanished from the market in just a few days.
Terra LUNA went on to touch the $116 price level in the month of April. However, Terra LUNA classic is trading at an average price of $0.000262, at the press time. It is still holding a market cap of around. $1.6 billion.
Meanwhile, Terra’s meant to be stablecoin is trading at an average price of $0.038, at the press time.
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