Sunday, May 19, 2024
HomeCryptocurrencyI Am Heartbroken, Says Do Kwon, As He Reveals That He Sold...

I Am Heartbroken, Says Do Kwon, As He Reveals That He Sold no LUNA nor UST During the Crisis

Do Kwon, the founder of Terra blockchain, which has been facing a historic crisis over the past couple of days, has recently expressed how heartbroken he is at the moment. He also disclosed that he sold neither LUNA nor UST during the crisis.

Terra has been devising a number of means to get the blockchain back on track following the fiasco that led to the crash of its two native tokens, LUNA and UST.

Read Also: Terra Founder Do Kwon Shares Plan to Rescue UST Stablecoin Peg Following Historic Crash

In a series of tweets a few hours ago, Kwon said, “Neither I nor any institutions that I am affiliated with profited in any way from this incident.” He also urged the community to remain patient as teams juggle multiple tasks to bring the blockchain back to normalcy.

Do Kwon tweeted, “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 further said:

“I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money.

“Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

Read Also: I’m Disappointed in Terra Team, Says CZ, As He Explains Why Binance Delists LUNA and UST

“We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.


“There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are:

“What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself, and find a way to rise again.”

Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Latest News & Articles