Do Kwon: ‘I Am Heartbroken’ Over Pain Caused by UST Collapse

The admission comes after the stunning demise of the Terra blockchain’s flagship project.

Terra creator Do Kwon said in a tweet thread he was “heartbroken” about his creations losing functionally all of their value this week.

Kwon, who founded Terraform Labs – creator of the LUNA governance token, TerraUSD stablecoin and various other cryptocurrencies – said he spent the last several days calling various community members about the tokens’ losing all of their value. Luna, which was worth nearly $120 at the start of April, collapsed in dramatic fashion this week and traded around 0.03 cents as of press time.

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

TerraUSD (UST), a stablecoin whose value was supposed to remain pegged to the dollar, lost that peg earlier this week and never recovered.

Kwon pointed to his “revival” plan on Terra’s Agora governance forum for next steps. Posted earlier Friday, the plan envisions distributing ownership in the network across UST and LUNA holders; it acknowledges Terra’s stablecoin as it stands is irrecoverable.

Read this article on CoinDesk

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