Founder Terra makes himself heard after huge price drop

Last week must have been a nightmare for the founder of Terra. A first reaction.

You can safely talk about a breach of trust. That was visible in the cryptocurrency market this week. Terra and Luna prices collapsed, affecting other currencies such as Bitcoin and Ethereum as well. Do Kwon, founder of Terra, makes himself heard.

TerraUSD is a stablecoin that should be worth as much as a dollar. That went well for a long time, until this week. The price imploded and there is almost nothing of value left. Luna, the linked token and part of Terraform Labs, also fell in value.

In a first response to Twitter Do Kwon says his heart is broken towards the community. You can imagine that the emotions among investors have run high in recent days. They saw their money virtually evaporate.

Furthermore, Kwon says he still believes in decentralized money, but not in its current form. The founder also sees that this has failed.

1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.

I am heartbroken about the pain my invention has brought on all of you.

— Do Kwon 🌕 (@stablekwon) May 13, 2022

Meanwhile, the prices of TerraUSD and Luna have recovered a little from the huge blow. However, the advice is not to throw your money in at random. Given this week’s bizarre developments, it is a huge gamble to think that this will recover in the short term. And investing in something by chance is nothing more than going to the casino.