Terra’s LUNA and UST disaster is gradually settling, with more doubtful information regarding the company’s work making its way into the public domain.
There are controversies related to Do Kwon-related. Due to this consumers have come up with the legitimate question. It’s all about what happened to the huge Bitcoin backing that was supposed to save UST and LUNA?
One of the Terra community and an insider inquired about the status of the BTC collateral that Do Kwon claimed to have delivered to market makers. However, there is no detail on how these funds were liquidated.
Complaints Raise About Do Kwon Intensions
The participant has valid complaints concerning records that should include competitors, disputes, and OTC block data. Terra’s co-founder then indicated that they have no command over data and that they’ll never be receiving them due to privacy concerns.
The response sparked a storm of inquiries about Do Kwon’s true intentions. All this came up while the firm was engaged with other matters, such as the Terra 2.0 launch.
There was an announcement that he had taken $80 million from the project. This provoked former Luna and UST investors to raise questions all over again, even speculating Kwon might have held back $3 billion.
Consequently, we cannot either confirm or dismiss the possibility of the complete collateral for the support of the UST peg. One thing is certain: Do Kwon will almost probably be responsible for any harm to Terra ecosystem investors, whether deliberate or not.
The new update of Terra isn’t displaying signs of liveliness. This is because the Luna token’s price plummeted during the initial days of trading.