Community Trust ScoreVerified
Do Kwon: I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST de-pegging. I am heartbroken about the pain my invention has brought on all of you.
I still believe that decentralized economies deserve decentralized money – but it is clear that UST in its current form will not be that money.
Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no LUNA nor UST during the crisis.
We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.
There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are explained in the Terra Ecosystem Revival Plan.
What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself and find a way to rise again.
Community Reaction: And, on a more personal level, although you don’t have to answer this – do you feel you have a responsibility to process some refunds to UST holders with the hundreds of millions of dollars you personally enriched yourself with through the LUNA machine?
Do Kwon: I suppose in this case, the wormhole team can be coordinated with to distribute.
Can anything be by distributing rewards?
I disagree with this distribution. Rewards pre-de-peg whales and those that abandoned the peg who used defenders as exit liquidity. How on earth is it that those deploying capital to defend the peg should be punished whilst others ran for the door appropriate? Those distributions need to be fixed, seeing as people defending were the true believers. Those that ran away are going to dump it to recoup losses whereas those who fought to the end are going to be punished for doing so.
UST Holders need to be made whole, but only those who HODL BEFORE the event. Otherwise, wouldn’t people who bought UST after the de-peg at the bottom be abusing the distribution rewards?
Will Terra resume activity? I have a number of collateralized assets that I would like to reclaim.
