The collapse of the ecosystem consisting of Terra (Luna) and its stablecoin UST came as a huge shock to the crypto industry. As new plans for the recovery of the network and tokens begin to emerge, the community cannot suppress its frustration. On the other hand, some expert names convey their comments on what happened. Here are the latest developments regarding Terra…
Famous CEOs continue to convey their comments on LUNA: Is Terra 2.0 coming?
The collapse of the Terra ecosystem has impacted the crypto industry as the markets take a downward blow. While this is an isolated incident, people like the CEO of Circle see it as a serious lesson to be taken into account by market players. Circle CEO is concerned about UST’s failure to maintain its market value as a stablecoin and Terra Luna’s price collapse. According to the CEO of Circle, which is behind another stablecoin, USDC, this event was bound to happen one way or another. The CEO stated that they had previously thought with his team that UST is high risk and could turn into a death spiral.
On the other hand, Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange, fork plan presented by Terra CEO Do Kwon commented on. The Binance CEO offered his opinion on the matter, saying that the forking plan was flawed and would not add any relevant value to the newly forked coin. Binance CEO also supports the idea that the supply of Luna will be reduced simply by burning LUNA. A recent voting session also opposed Do Kwon’s proposal.
Following the CEO’s comments, there have been several developments in the network. More developers are getting ready to run Terra 2.0 as a new decentralized exchange (DEX) has announced it will launch on the new Terra chain shortly after launch.
Kwon, in legal trouble: Team resigned
Following the collapse of TerraUSD (UST) and LUNA, TerraForm Labs’ It has been reported that the legal advisor team of the company resigned from their duties in the company. Following their departure from the company, their job responsibilities are currently handled by an attorney outside of Terra. Finally, Do Kwon faced class action lawsuits from many South Korean victims. Kwon is scheduled to file both civil and criminal charges for fraud.
