It seems that the LUNA event will continue to be talked about for a long time. Also, looking back these days, some warnings are justified. It’s almost like Gabriel Garcia Marquez’s “Red Monday” is happening. It turns out that the founder of MakerDAO, a decentralized organization that also has its own algorithmic stablecoin, warned that UST would go to zero because it’s a solid Ponzi.
LUNA collapse is still on the agenda
TerraForm Labs ecosystem tokens, including TerraUSD (UST) and LUNA, have experienced one of the most devastating declines since the beginning of the cryptocurrency market. has become a phenomenon.
As you can see from cryptokoin.com news, LUNA followed its stablecoin and almost zeroed out after the UST lost its anchor against the US dollar. This collapse greatly affected the investors of the tokens. While many cryptocurrency experts warned of the imminent collapse of Terra tokens, many investors ignored these warnings as they paid the price.
MakerDAO founder, sounded the alarm of UST and LUNA in January
Rune Christensen, CEO and founder of MakerDAO, invested in the UST stablecoin on January 4, 2022 He also warned that Magic Internet Money (MIM) is a solid ponzi (scam scheme).
According to Christensen, despite people making huge profits from their investments in UST and MIM, digital currencies did not have the right flexibility integrated into them. He added that the lack of flexibility in the tokens will expose the pair to unusual volatility that could push the price of the assets to zero.
As expected after Christensen’s post , TerraForm Labs co-founder and CEO, Do Kwon, came to defend his project UST and replied with a stern and sarcastic tone, “I thought you were already dead”:
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