Terra (LUNA) co-founder Do Kwon has been unusually quiet for the past few days as the network plunged into disaster. Just hours after Kwon proposed a “plan to revive the Terra ecosystem” to the network’s research forum, Kwon took to Twitter for the first time in two days to express his regret at the way things are going.
Terra founder: Heartbroken by the pain I inflicted
Kwon stated that he spent most of his time on the phone with people who were devastated by UST’s de-pegging, tweeting, “My heart is broken because of the pain my meeting caused all of you.” tweeted. As we reported on cryptokoin.com, UST, an unsecured stablecoin designed to maintain parity with the US dollar through a burn mechanism with Terra’s LUNA governance token, slipped from its stable price last week.
Terra mobilized a $1.5 billion loan from the reserve fund when the entire cryptocurrency market began to crash, but it wasn’t enough to keep the UST at $1.00. By acquiring LUNA, the price continued to drop. The stablecoin is currently trading below $0.20 and LUNA is under a cent. Meanwhile, the Terra Blockchain is back in operation after being paused for a while. Additionally, Kwon reintroduced his proposal, which includes rebuilding the Terra Blockchain without the UST stablecoin and redistributing LUNA tokens.
Do Kwon: “LUNA, I didn’t sell UST”
With Terra’s downfall, a lot of people lost money and many were wondering if Kwon was selling his assets. While Kwon did not detail his own losses, “Neither I nor any institution I am affiliated with has profited in any way from this event. I did not sell either LUNA or UST during the crisis,” he said.
Meanwhile, an unidentified person was reported to have entered the apartment where Do Kwon’s wife lives on Friday. After Kwon’s wife opened the door, the person reportedly asked the founder of the company before fleeing the scene. After the intrusion, authorities in Seoul’s Seongdong-gu district informed Forkast that emergency security protection had been provided to Kwon’s wife.
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