Famous Billionaire Called Terra (LUNA) ‘Ponzi’ and Warned!

Billionaire Bill Ackman, in a recent tweet Terra’s (LUNA) He claimed it was a pyramid scheme.

“20 Percent Return Is Only Possible With New Investors Entering The Market, This Is Ponzi”

Pershing Square Capital Management CEO argued that the 20% return promised by Terra’s Anchor platform can only be delivered if the number of new buyers entering the market increases:

“When I first read about Terra’s algorithm it reminded me of a pyramid scheme. cryptocurrency It looked like a version. Investors could receive 20% returns with a stablecoin whose value is only backed by a token provided by new investors. There is no basis for this kind of business model.”

According to Ackman, the reason why LUNA was able to grow so much was the excitement wave in the crypto money market in 2021.

The billionaire said that he is aware of the promise of Blockchain technology, but that Ponzi schemes like Terra pose a threat to the entire cryptocurrency industry.

“Such Events Cause Regulators to Focus on Cryptocurrencies”

Ackman stated that such submerged projects will pave the way for stricter regulations, and in such a case, age will burn as well as dry.

According to the billionaire, the crypto industry should weed out projects that lack any underlying value.

As it is known, LUNA founder Do Kwon suggested starting a fork to get the project back on its feet. However, 90% of community members opposed this proposal.

With the collapse of Terra, the cryptocurrency market has entered the radar of regulators. Yun Chang-Hyun, a politician from South Korea’s ruling party, had called for a hearing on the collapse of TerraUSD (UST).

Experts still warn investors to stay away from UST and LUNA, which are listed on many exchanges.

*Not investment advice.

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