Terra Founder Do Kwon Gets Backlash For His Tweet Over Decentralized Money
The post Terra Founder Do Kwon Gets Backlash For His Tweet Over Decentralized Money appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
While the last 30 days has been a blissful month for most of the cryptocurrencies, Terra’s Luna 2.0 has seen no effect. This is because the currency has dropped by 24.37% against Bitcoin in the last 30 days. Also LUNA has plunged by 89.8% from its all-time high on May 28.
Meanwhile, Terraform Labs Do Kwon, who has been completely silent since then, today in the early hours he took to Twitter to write down his thoughts on decentralized networks.
Do Kwon : Crypto Needs Decentralized Money
He made a note that the crypto space is in need of decentralized money which is censorship resistant.
Decentralized networks need decentralized money – obvious today more than ever
— Do Kwon
(@stablekwon) August 9, 2022
As usual this wasn’t taken in a positive way by the crypto community. The Terra founder has turned off comments on the post, yet users used his tweet as a quote tweet to comment their thoughts.
One of the users claimed that criminals like you should be behind the bars and that used his quote, more obvious today than ever.
This comes amidst the class-action lawsuit filed by Terra collapse victims against Terraform Labs, Do Kwon, and Nicholas Platias. Also its a known fact that Do Kwon’s move towards a decentralized money has backlashed him with many complaints against his fraudulent activities.
Furthermore, the de-pegging of Do Kwon’s stablecoin creation UST, which was expected to address the decentralized money shortage by supporting Bitcoin reserves, turned investor’s LUNA and UST investments invalid instantly. Hence, now Do Kwon and his Terraform Labs is under the scrutiny of South Korea and US investigations along with various class action lawsuits.
Circle Blocks ETh Addresses Linked With Tornado Cash
However, Do Kwon’s tweet on decentralized money pops up after Circle blocks all the Ethereum addresses linked with Tornado cash and this has freed 75,000 USDC. Circle, the US-based payment company, is the one that backs the USDC stablecoin.
This action has now looked to be concerning pointing towards a lack of censorship resistance in the crypto system.
NEW: @circlepay‘s USDC has officially blacklisted every Ethereum address sanctioned by the US Treasury.
— Dylan LeClair
(@DylanLeClair_) August 8, 2022
On the other hand, Tornado Cash is a decentralized programme that allows users to hide a trace of cryptocurrency activities on the blockchain. Though these kinds of tools face a threat for lack of control over the cryptocurrencies, the privacy supporters believe that there is a valid reason for these tools to exist.
