It’s been over 3 months since the popular collapse of the Terra stablecoin ecosystem. UST, Terra’s popular stablecoin, dropped from its dollar peg and investors’ savings pretty much vanished. At the same time, Terra’s LUNA token lost over 99% of its value.
Ever since Terra collapsed, everyone’s been looking for its founder – Do Kwon. he had been pretty popular on Twitter in LUNA’s good days, but he pretty much went dark after the collapse.
Do Kwon Breaks His Silence
This week, Do Kwon finally spoke out publicly for the first time since Terra’s collapse. In an interview, he explained that he had “bet big” on the company and the ecosystem, and that he believed he “lost.”
Kwon put on a brave face and made a lot of claims in his interview – he even said that he still believes that Terra has a future. But, none of that was enough – the crypto community criticized him heavily, and it wasn’t a pretty sight to see.
One researcher claimed that the interview was a “nothingburger,” and that Kwon had been lying throughout. Another person encouraged all Terra investors to file lawsuits against Kwon and his company, Terraform Labs.
More News from the Cryptoverse:
Are The Bulls Coming Back?
The crypto market is still trying to get back to its profitable ways, but that hasn’t stopped investors from coming back in. After all, what’s the best time to get into a market than when it is just starting to recover?
On Monday, the Crypto Fear & Greed Index hit the “Neutral” position for the first time since April. The index basically measures how crypto investors feel generally. And by getting to “Neutral,” it showed that more people are willing to enter the market.
Do with that information what you will, though. NFA.
Crypto Banks Are On The Way
So on Wednesday, the United States Federal Reserve confirmed that it now has guidelines for cryptocurrency companies that want to offer banking services in the country.
The Fed is basically the Central Bank of the USA. And according to the guidelines, it is considering allowing crypto companies to basically become banks. Time to see which banks get approval first.