Earlier this month, Terra co-founder Do Kwon claimed that there is “entertainment” in watching companies die.
- In an interview with the chess streamer Alexandra Botez, Kwon stated confidently that 95% of today’s crypto startups are “going to die”.
- While laughing it off, the co-founder also claimed that there is “entertainment in watching companies die too”.
- As of today, Do Kwon is under fire due to the de-pegging of TerraUSD – the dollar-pegged stablecoin of the Terra blockchain. The fallout has also caused the LUNA governance token to hyperinflate, destroying virtually all of its value within days.
- The creator was warned about a potential UST collapse well before this month, but he responded aggressively to his critics.
- Attempts thus far to recover the stablecoin’s peg have seen little success. It trades at just $0.40 at the time of writing, with LUNA going for a microscopic $0.003.
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