LUNA Investors ‘Suicidal’ After Crypto’s Collapse – Do Kwon Says He’s ‘Heartbroken’

Home » LUNA Investors ‘Suicidal’ After Crypto’s Collapse – Do Kwon Says He’s ‘Heartbroken’


Do Kwon, the creator of defunct cryptocurrencies TerraUSD and LUNA, is now the topic of criticism and investigation after the failure of his enterprise sparked a major market-wide disaster this week.

The founding father of the tokens is understood for his lively social media marketing campaign; nonetheless, he has been uncharacteristically silent over the previous few days because the community has veered towards catastrophe.

Kwon acknowledged that he has spent the earlier a number of days calling numerous group members to tell them that the tokens have misplaced all worth.

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Goodbye, LUNA

The worth of Terra’s native LUNA asset, which was value about $120 at first of April, plummeted drastically this week and was buying and selling at roughly 0.03 cents as of press time.

Kwon broke his social media silence early on Friday night with three tweets in regards to the demise of the LUNA token and its associated stablecoin, UST.

Just a few hours after proposing a “Terra ecosystem revitalization plan” to the community’s analysis discussion board, Kwon returned to Twitter for the primary time in two days to precise remorse over the way in which occasions had transpired.

Remorse and ache. What now? (BrightQuest Remedy Facilities)

Do Kwon Is Devastated

“I’m heartbroken in regards to the struggling my innovation has prompted you all,” he mentioned, including that he had spent a lot of his time on the cellphone with people “devastated by UST depegging.”

This week, TerraUSD (UST), a stablecoin whose worth was supposed to be linked to the greenback, misplaced its peg and by no means recovered.

Kwon’s phrases had been made hours after he proposed by way of a Terra dialogue discussion board to restart the community by distributing 1 billion tokens to affected holders and customers.

The simultaneous collapse of the algorithmic stablecoins UST and LUNA resulted in vital losses for market contributors.TerraUSD traded as little as 23 cents amidst frenzied promoting. This precipitated a broader crash that knocked the biggest cryptocurrency, Bitcoin, to its lowest degree since 2020.

UST complete market cap at $2.42 billion on the every day chart | Supply: TradingView.com

Intruder At Kwon’s Spouse’s Home

On Friday, MoneyToday reported that an unidentified particular person broke into the condo advanced the place Do Kwon’s spouse resides.

After Kwon’s spouse answered the door, the person reportedly inquired for the corporate’s founder earlier than fleeing the scene.

After the intrusion, authorities in Seoul’s Seongdong-gu district knowledgeable Forkast that Kwon’s spouse has been supplied with quick safety safety.

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A lot of those that have misplaced an enormous funding on LUNA are mentioned to be shedding their minds. (BrightQuest Remedy Facilities)

LUNA Buyers Now ‘Suicidal’

In the meantime, some traders who had invested in LUNA acknowledged on Reddit that those that had misplaced all the things had been suicidal.

In 2021, this particular person transformed all of his financial savings to cryptocurrency, with LUNA comprising a good portion of his holdings, the Reddit publish mentioned.

In a associated report, in line with a publish on the latest tweeter of @EmperorBTC Stories, 22 traders dedicated suicide after the value of LUNA plummeted near zero.

The authorities haven’t confirmed the claimed suicides.

Featured picture from Port St. Lucie, chart from TradingView.com





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