A Week of Terra: the Story of Do Kwon and His Black Swan Wipeout

Terra suffered a spectacular collapse after its UST stablecoin lost its peg to the dollar last week. Crypto Briefing tells the full story of the troubled blockchain's rise and fall.

Timeline of Terra-luna

The Terraform Labs mastermind Do Kwon (real name Kwon Do-hyeong) could be facing trouble from financial and law enforcement authorities in South Korea and Singapore as a torrid month for the Terra (LUNA) platform just keeps getting worse.

SEC Chair Gary Gensler on Monday said the crypto market needs more regulation to protect investors from projects like Terra. Gensler blames crypto trading and crypto wallet platforms for not disclosing information making investors lose hard-earned money such as in the case of LUNA and UST.

Another Terra (LUNA) ecosystem revival plan by Terraform Labs (TFL) CEO and Co-founder Do Kwon seems to have the support of at least some Terra developers, while trust issues still pose serious challenges to this plan.

European officials have called for immediate regulation of crypto in light of the Terra-led market crash. The post Terra Meltdown Concerns European Officials; Calls for Legislation Renewed appeared first on BeInCrypto.

Terra's recent crash appears to have undermined investor confidence in other major layer-1 (L-1) blockchains, data shows. The blockchain's value imploded in the first two weeks of May, and is now trading at a fraction of the billions it was initially valued at.

Activist investor Bill Ackman weighed in on the recent Terra crisis, calling the protocol a crypto version of a pyramid scheme. Ackman's comments come in wake of the Terra blockchain losing most of its value in the span of a few days, as the de-pegging of its UST stablecoin cause a massive bank run.

Luna Foundation Guard CEO, Do Kwon, has released a new proposal entitled “Terra Ecosystem Revival Plan 2.” In it, he has outlined an updated version of his original plan, which described forking the current Terra blockchain from a snapshot taken before the ‘attack.

It's been a rough couple of weeks for the Solana [SOL] token that has been dealing with some new crypto assets as market cap neighbors after Terra [LUNA] and TerraUSD [UST] crashed down the rankings. However, at press time, the eighth biggest crypto token by market cap was worth $54.50, after rallying by 3.53% in

Do Kwon, the Terra (LUNA) protocol founder, proposed a resurrection strategy to bring the project back from the ashes. Kwon advocated splitting the protocol's existing form into two distinct ecosystems, Terra Classic and Terra 2.0. Terra Classic will favour users; this chain will accept stablecoins exactly as Terra did before its meltdown. Meanwhile, the hard-forked The post Do Kwon suggests Terra (LUNA) hard fork to revive the protocol appeared first on Invezz.

As the Terra blockchain collapsed, it decided to eliminate a lot of apps, including Anchor, which was the largest DeFi protocol on the chain at a given point. However, the protocol is worth nothing at the moment.