Sat. Jul 2nd, 2022
LUNA founder apologizes for presenting plan to revive currency

LUNA founder Do Kwon apologized to everyone in the cryptocurrency community who were affected by the end of your coin. According to him, the world deserves a decentralized form of money, which is not the case with his creations. The last week was certainly marked by the death of the cryptocurrency Terra (LUNA), which came to occupy prominent positions in the cryptocurrency market. Linked to this, another that died was TerraUSD (UST), a supposed stablecoin that is now worth just 0.15 cents of a Dollar. This collapse brought panic to the market, as UST came to occupy the 9th position of the market cap and the Luna Foundation, which takes care of this, recently bought Bitcoin as a store of value.

Founder of LUNA apologizes and says he is suffering

After the end of LUNA, the coin’s creator even asked for police reinforcements for his residence in South Korea, which was visited by a possible angry investor. And this tension comes amid the death of the currency he created and left a trail of losses for investors all over the world. Some even publicly reported that they would lose their homes with the fall of this currency, until then considered safe by altcoin investors. On Twitter, Do Kwon ended up having to explain a little more about the problem last Friday (13), when he publicly apologized to investors and says he is suffering from the fall of his invention.

“I have spent the last few days on the phone calling members of the Terra community – builders, community members, employees, friends and family, who have been devastated by the UST depeg. I am heartbroken for the pain my invention has caused all of you.”

In his statement, he said that the DeFi sector deserves decentralized money, but confessed that the UST is not that solution. According to Kwon, he didn’t profit anything from the fall of LUNA, nor did his affiliates, who continue with their possessions of the currency intact. In this way, he promised that he will soon explain how he used bitcoin reserves to try to save the UST.

Plan to revive currency is still in the realm of ideas

Last Friday, Do Kwon also released his plan to revive the LUNA ecosystem to his community, leading to the belief that he understands that his coin died in the last week. The plan was publicized by Twitter as well, but Kwon highlighted that he hopes to preserve his community of developers, which must find a solution to the crisis via consensus. This indicates that there is nothing concrete yet to be presented to the market, although proposals are being analyzed.

“What we should look to preserve now is the community and developers who make Terra’s block space valuable – I’m sure our community will form a consensus on the best way forward and find a way to grow again.”