LUNA 2.0 holder is called “idiots” by Dogecoin co-founder
Calling LUNA 2.0 buyers “idiots”, Dogecoin co-founder Billy Markus was criticized for deliberately preventing Terra from relaunching LUNA.
Information about Terra in recent weeks has spread throughout the newspaper. Investors have lost billions of dollars, and their lives have been turned upside down because UST has lost its peg. During Terra’s downfall, internet detectives found a lot of suspicious information.
Examples of the allegations include the manipulation of Terra retail investors by well-known entities, mirror protocol to enrich senior figures, and Terra founder Do Kwon’s association with the failed algorithmic stablecoin project Basis Cash.
Terraform Labs restarts LUNA
Do Kwon announced the relaunch of Terra on May 16. The plan for the program’s relaunch is to split the ecosystem – the blockchain will become a new blockchain without UST. The distribution of token notifications from the new chain will be in the form of airdrops for the “creator, holder, holder, holder of the remaining UST holder and essential application developer” of the old chain. With the consent of many community supporters, the Terra 2.0 proposal was adopted and paved the way for the launch of LUNA 2.0. Luna 2.0 is scheduled to launch on May 27, but Terra has announced that it will delay until May 28 at 6:00 GMT.
There is still opposition and criticism.
Co-founder and CEO of blockchain carbon credit firm eCarbon, Joshua Fernando, spoke of the dangers of reviving LUNA. By email, Fernando raised several salient points about the relaunch, including:
- The lack of disclosure on how LUNA 2.0 will derive value, especially as it will be missing a stablecoin component.
- Massive selling pressure once the vesting period ends, as holders look to recoup losses and flee to safer projects.
- A conflict of interest with exchanges (supporting the airdrop and relaunch), as they too may be looking to recoup losses.
The consensus on crypto Twitter is much the same, with no shortage of tweets mocking the relaunch. For example, @Mister_Ch0c likened investing in LUNA 2.0 to rekindling a relationship with an ex who cheated.
Similarly, Markus – Dogecoin co-founder, couldn’t hold back when he tweeted his thoughts on luna 2.0 investors’ intelligence, which he called “really stupid cryptocurrency gamblers.”
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