The co-founder of Dogecoin (DOGE) is adamant, calling both Terra and Celsius “dumb”. Billy Markus, co-creator of Dogecoin (DOGE), expressed his frustration with TerraForm Labs (TFL) and Celsius Network, which were the main causes of the recent cryptocurrency market crash. Here are the details…
Dogecoin co-founder speaks volumes
The outspoken Dogecoin co-founder has called crypto projects like Terra and Celsius “stupid” because of their role in the recent crash of the entire cryptocurrency market. “How many idiots are there in the crypto space ready to crash the entire market like Luna and Celsius?” Markus said. he asked. Markus directed his anger towards these projects. Because DOGE also experienced the market crash that saw the asset’s value drop to $0.05 despite hitting an all-time high of around $0.73.
Since last month, the prices of various cryptocurrencies have dropped to almost zero compared to when they started the year. The value of crypto-assets has fallen tremendously since the beginning of 2022 due to various reasons, including rising inflation and the Russian invasion of Ukraine. However, the most important of these are the collapse of the Terra ecosystem tokens and the unfortunate developments that occurred with Celsius over the weekend.
Recall that the Terra ecosystem tokens, UST and LUNA, suffered a major crash early last month and destroyed a large part of the entire cryptocurrency market. While the Terra team has been working day and night to ensure investors receive their full compensation, several reports have surfaced showing how the company’s CEO, Do Kwon, was running a series of questionable practices.
Celsius events occupied the weekend
as the cryptocurrency market is still trying to recover from the devastating collapse of Terra tokens, including withdrawals, swaps and transfers on Celsius Network’s platform News that it was suspending all operations surfaced over the weekend. They did not stop here. As we reported on Kriptokoin.com, the team behind the project has started to transfer massive amounts of Bitcoin and Ethereum worth almost $320 million from the platform to the popular crypto exchange FTX to maintain their positions. CEL suffered the biggest drop yesterday as Celsius stopped withdrawals, citing extreme market conditions.
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