Do Kwon, the creator of the deprecated cryptocurrencies TerraUSD and LUNA, has been the subject of criticism and scrutiny this week after his corporate failures caused catastrophic catastrophe across the market.
The founders of the token are known for their active social media campaigns. Still, he’s been strangely quiet over the past few days as the network steers towards catastrophe.
Kwon said he has spent the past few days with various community members to let them know that the token has lost all its value.
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The value of Terra’s native LUNA asset, which was worth around $120 in early April, has plummeted this week and is trading at around 0.03 cents at press time.
Kwon broke the social media silence early on Friday evening with three tweets about the disappearance of the LUNA token and the associated stablecoin UST.
After hours of proposing a ‘plan to revitalize Terra’s ecosystem’ to the Network Research Forum, Kwon returned to Twitter two days later, expressing regret for the way the incident happened.
Regret and pain. What now? (BrightQuest Treatment Centers)
Dokwon in despair
“It breaks my heart that all of you may suffer because of my innovation,” he said, adding that he spent a lot of time on the phone with people “who had been ravaged by UST depegging.”
This week, the stablecoin TerraUSD (UST), whose value was intended to be linked to the dollar, lost its peg and did not recover.
1/ Called out to Terra community members (builders, community members, employees, friends and family) who have been ravaged by UST depegging over the past few days.
I am heartbroken for the pain my invention has brought to all of you.
— Kwon Do-kwon 🌕 (@stablekwon) May 13, 2022
Kwon’s words came just hours after he proposed restarting the network by distributing 1 billion tokens to affected holders and users via the Terra Discussion forum.
The simultaneous collapse of the algorithmic stablecoins UST and LUNA caused significant losses to market participants. TerraUSD traded as high as 23 cents amid frenzied sales. This sparked a widespread crash that plunged the largest cryptocurrency, Bitcoin, to its lowest level since 2020.
UST total market cap at $2.42 billion on the daily chart | Source: TradingView.com
Kwon’s house intruder
Money Today reported Friday that an unidentified individual broke into the apartment where Do Kwon’s wife lived.
After Kwon’s wife opened the door, it is known that the individual asked the founder before escaping from the scene.
After the break-in, authorities in Seongdong-gu, Seoul, informed Forcast that Kwon’s wife had been provided with immediate security.
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Many of those who have lost a huge investment on LUNA are said to be losing their minds. (BrightQuest Treatment Centers)
LUNA investors now ‘suicidal’
Meanwhile, some investors in LUNA said on Reddit that those who lost everything would commit suicide.
A Reddit post reported that in 2021, the individual converted all of his savings into cryptocurrencies, with LUNA holding a significant portion of his holdings.
In a related report, according to @EmperorBTC Reports’ most recent Twitter post, 22 investors committed suicide after LUNA price plunged near zero.
Authorities did not confirm the alleged suicide.
Featured image from Port St. Lucie, chart from TradingView.com