Do Kwon: ‘UST and LUNA collapse broke my heart’

Terraform Labs CEO and co-founder Do Kwon addressed the cryptocurrency community, saying that the collapse of UST and LUNA “broke his heart.” Recall that this week the entire crypto community followed the rates of UST and LUNA — the decentralized stablecoin got rid of the US dollar, and attempts to stabilize the situation were unsuccessful. The panic withdrawal of funds from UST led to the issuance of a huge amount of LUNA, which in turn led to the complete depreciation of the coin.

“The last few days I have been constantly on the phone — talking with members of the Terra community. With developers, employees, family and friends who are upset by the events taking place. My heart is broken by the suffering my invention has caused you. I still believe that a decentralized economy needs decentralized money, but obviously UST in its current form cannot be that money. Neither I nor the companies and organizations associated with me profited from this incident. I didn’t sell either LUNA coin or UST token during the crisis,” Do Kwon tweeted.

The Terra team said that they are preparing a detailed report on the incident and will release it in the near future.

Earlier, British rap artist and YouTuber JJ Olatunji (KSICRYPTO) spoke about how the loss of $2.8 million on the fall of Terra (LUNA) cryptocurrency affected his life.