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

DATE POSTED:May 14, 2022

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

The founder of the tokens is known for his active social media campaign; nevertheless, he has been uncharacteristically silent over the past few days as the network has veered toward disaster.

Kwon stated that he has spent the previous several days calling various community members to inform them that the tokens have lost all value.

Suggested Reading | Terra TVL Crumbles More Than $14 Billion

Goodbye, LUNA

The value of Terra’s native LUNA asset, which was worth about $120 at the beginning of April, plummeted drastically this week and was trading at approximately 0.03 cents as of press time.

Kwon broke his social media silence early on Friday evening with three tweets concerning the demise of the LUNA token and its related stablecoin, UST.

A few hours after proposing a “Terra ecosystem revitalization plan” to the network’s research forum, Kwon returned to Twitter for the first time in two days to express regret over the way events had transpired.

Regret and pain. What now? (BrightQuest Treatment Centers) Do Kwon Is Devastated

“I am heartbroken about the suffering my innovation has caused you all,” he said, adding that he had spent much of his time on the phone with folks “devastated by UST depegging.”

This week, TerraUSD (UST), a stablecoin whose value was intended to be linked to the dollar, lost its peg and never recovered.

1/ 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     </div>
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