Never Owned or Understood Terra (LUNA) Says, Raoul Pal
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Several inexperienced traders seemed alarmed by the stunning downfall of the TerraUSD and Luna coins, with some claiming one‘s whole investment had been burned down or a few dropping suicide threats.
Terra (LUNA) is about to embark on a tough road following the destruction, especially after clearing the ashes. The institution is trying to put the parts together like a brick so that the system may be rebuilt.
Raoul Pal, the founder of the Real Vision media network, rejects supporting LUNA, the fundamental native coin of the defunct blockchain Terra. As he may wish to, Twitter advises him not to remove his previous tweets.
“I’ve never understood itâ€: Raoul Pal on LUNA
Cryptocurrency enthusiast @PeterParadoxGG said on Twitter that he had invested about $500,000 in Terra (LUNA) after hearing Raoul Pal and Mike Novogratz advise it. The token then plummeted to near-zero values.
I’ve been saving money for 13 years now.
I used to just buy the sp500 ETF every pay day and didn’t think about it. I almost saved up $500,000.
Earlier this year I went all in on Luna after @RaoulGMI and @novogratz explained it. He even got a tattoo.
I’m still holding
— Peter Paradox (@PeterParadoxGG) May 25, 2022
Mr. Pal responded to his tweet by claiming that he has neither purchased Terra (LUNA), nor promoted it, and has no clue how it works.
Mr. Pal’s pro-LUNA sentiments were quickly retweeted by Twitter users. He named Solana, Polkadot, Avalanche, and Terra his favorite large-caps precisely six months ago.
On March 10, 2022, he repeated an identical comment, calling LUNA a “good†cryptocurrency. Perhaps one of the supporters sent a videotape of Raoul Pal’s November conversation with HedgeEye, in which he mentions Solana and Terra as potential Ethereum competitors (ETH).
Terra 2.0 will not be supported by exchanges or services.
Mr. Pal disputed all charges, alleging that his statements had been quoted out of perspective. He stresses that he really would never invest in DeFi because he simply does not completely get the concept.
After huge withdrawals via the Anchor Protocol (ANC) yield farming module, LUNA and its stablecoin TerraUSD (UST) failed.
Do Kwon of Terraform Labs offered many solutions to revive Terra (LUNA), including the creation of the fresh blockchain. Some providers, however, have declared that they would not be supporting the revamped system.
