Do Kwon came up with a new coin. But the new LUNA seems to be continuing the old story. Amid broader market swings, LUNA is trading near its all-time lows. While Kwon is at the center of numerous active lawsuits and investigations from the US and South Korea, some still feel that all the negative press around him is unfair.
Until Kwon leaves
At the moment, the head of Terraform Labs, Do Kwon, may not have many ardent followers, but there is still a handful of benevolent associates. One of these is Ronald EngSee, vice president of decentralized finance (DeFi) company Intellabridge Technology.
During a conversation with WSJsaid angsiy,
“I feel really sorry for Do because of the way his name is being slandered right now. On Twitter, he may seem megalomaniac, but in real life he is not.”
For the uninitiated: AngSiy had previously interacted with Kwon in business meetings and was even an ambassador for Terra. He claims to have lost more than $1 million of his personal investment in the crash, but that hasn’t stopped the VP from treating the Terra founder less highly.
However, the crypto community is still divided. To some, Kwon, a 30-year-old graduate of Stanford University, seems like a complete trash who loves to taunt his critics by calling them “poor.” Those in his inner circle and followers of the virtual cult regard him as a “misunderstood genius”.
The founder made some outlandish claims and glorified Terra’s mission of building a decentralized system that can eventually run on its own. He even threatened competitors and confessed his joy in watching his rivals fail. With his ego and fewer hard arguments, he managed to swoon over a cult that proudly called itself “The Lunatics”.
Experts warned that the experiment was risky even by the standards of the crypto industry. But that wasn’t enough. The skeptics only became louder after the death spiral. To be honest, this is a great example of crypto hype for outsiders.
He definitely toned down his Twitter tone after that fateful day, briefly making his account private. Now he posts news about Terra 2.0 from time to time, the supposed excitement of creators and developers to build something new on top of that and tweets specifying that he, too, had lost considerable money. Kwon says he doesn’t care much about money.
But who was left with the bag when everything collapsed? Investors, big and small. Several class action lawsuits have been filed accusing Terraform Labs and Do Kwon of, among other things, fraud and the sale of unregistered securities. But the company believes these claims are baseless.
Believe or not believe
Community members are now rebuilding the destroyed blockchain ecosystem. While investigating Terra’s failures may reveal some pretty interesting aspects, many prominent figures in the field believe there are clear signs as to why investors should not fall for another Kwon-related project. Corey Clippsten, chief executive of cryptocurrency firm Swan Bitcoin, for example, said:
“From the way this guy tweeted, the way he spoke on camera and the way he acted, it was pretty obvious that he was a scammer.”
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Credit : cryptopotato.com