Terra (Luna) founder Do Kwon said in a series of posts on Twitter that he was “heartbroken” as his productions lost almost all of their value this week.
“I Have Spent The Last Few Days Searching For Terra Community Members”
LUNA, TerraUSD and many other cryptocurrency Kwon, founder of Terraform Labs, a distributor, said in a statement that he spent the last few days searching for members of the LUNA community after the value of their token was reset.
Climbing up to $120 in April, LUNA is trading at $0.00043 at the time of this writing.
“UST Can No Longer Have Money for Decentralized Economies”
Kwon continued his statements as follows:
“I still think decentralized economies deserve decentralized money. But it has become clear that this money cannot be UST in its current state.”
In his post, Kwon also pointed to the “revival plan” Terra posted on the Agora forum yesterday. As we reported, Kwon has made a proposal to distribute 1 billion new tokens to UST and LUNA investors.
Talking about LUNA and UST, Do Kwon added:
“While decentralized economies deserve decentralized money, UST has lost too much of users’ confidence to play this role.”
Kwon also said that he did not sell any of his LUNA and UST tokens during the recent events.
As it is known, Luna Foundation Guard and Terraform Labs released huge amounts of LUNA tokens this week after the fixed price of UST to $1 fell, and the LUNA price collapsed with the increase in the amount of tokens in circulation.
Extremely volatile and no longer listed on major exchanges, LUNA has a total market capitalization of approximately $1.5 billion at the time of this writing.
*Not investment advice.