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Do Kwon Proposes Salvage Plan For LUNA, UST; Says In Ironic Clip That Companies Dying Was Entertaining

Do Kwon Proposes Salvage Plan For LUNA, UST; Says In Ironic Clip That Companies Dying Was Entertaining

KEY POINTS

  • Do Kwon comes up with a solution to revive value of Terra and LUNA
  • He proposes to Increase basepool and decrease PoolRecoveryBlock
  • Terra is  trading down 99.97% at $0.00005425

A few days before TerraUSD went into free fall, co-founder Do Kwon said "there's entertainment in watching companies die," yet the South Korean developer is scrambling to save his company from total annihilation. 

In an interview with American-Canadian chess streamer and YouTuber Alexandra Botez, Kwon confidently said that 95% of crypto startups are "going to die." He facetiously claimed he found "entertainment in watching companies die."

Kwon, known for dissing critics by calling them "poor," is now under fire because Luna, a cryptocurrency tied to the stablecoin TerraUSD, has virtually lost almost all its value. TerraUSD 'de-pegged' from the dollar this week.

Terra Terra UST Photo: Terra - Twitter


In the hope of stirring the sinking ship in the right direction, he shared an update on the situation and provided his supposed solution. Kwon said the only way forward is to "absorb the stablecoin supply that wants to exit before $UST can start to repeg," adding that "There is no way around it."