100s of titles, one news app for just $10 a month.
Dive Deeper:
CoinSwitch Kuber delists Luna just as crypto exchanges suspend Terra tokens. See details
‘We have now decided to delist Luna to safeguard your interests and those of the larger crypto ecosystem,’ CoinSwitch Kuber…
Terra blockchain halted again as crypto Luna crashes
Terra Luna’s downfall started over the weekend when its sister token UST de-pegged from its $1 value
Terra 'Officially' Halts Blockchain As LUNA Hits Zero
Terra (CRYPTO: LUNA) has officially stopped block production as the blockchain’s native token hit a low of $0.000033 on Thursday.
Crash in stablecoins drags crypto market, Bitcoin logs most volatile week in yrs
In the last seven days, Bitcoin fell by nearly 18% and Ether shed more than 25%. A sharp decline in…
One subscription that gives you access to news from hundreds of sites
Terra Hasn’t Killed Crypto, But It Was a Narrow Escape
Algorithmic stablecoins were about to hit prime time. Now they're having an existential crisis.
Indian crypto exchanges in a spot after Luna’s delisting
The crypto token, which is part of the Terra blockchain, became a casualty of the recent rout
Get all your news in one place
Latest Business news:
Apple Supplier Faces Worker Revolt in Locked Down China Factory
Violent clashes, mounting infections and vacant factory floors: the turmoil that’s engulfed tens of thousands of workers at an Apple…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Casino Canberra to be sold to Sydney company
Aquis Entertainment Limited said earlier this month it intended to sell the casino pending shareholder approval.
Elon Musk faces lawsuit accusing him of pushing down Twitter share price
Elon Musk said last week that his bid to buy Twitter won't proceed unless he gets proof of the number…
Broadcom to buy VMware for $61bn as chipmaker looks to diversify
Broadcom said it will acquire cloud computing company VMware in a $61bn (€57bn) cash-and stock deal, the chipmaker's biggest and…
Record 2021 Revenues Bump Tesla Up 35 Places On The Fortune 500 List
It has jumped from spot 100 to 65 after its profits went up more than 600 percent last year.
From analysis to good news, read the world’s best news in one place
The rise of aspirational capitalism
This celebrity, grind-it, growth-at-all-costs model won’t cut it for the next generation.
Employers are offering big incentives to attract and retain staff
One Port Douglas hotel is offering a host of benefits to successful job candidates, including a starting bonus, paid parental…

Terra's Do Kwon 'Heartbroken' Over UST Collapse, Doge's Billy Markus Tells Him To Leave The Industry

By Bibhu Pattnaik

In a recent Twitter post, Terra (CRYPTO: LUNA) founder Do Kwon has said that he is “heartbroken” about his creations losing all of their value this week.

Founder of the Terraform Labs, Kwon, said he spent the last several days calling various community members about the tokens’ losing their value.

Responding to his tweet, Dogecoin (CRYPTO: DOGE) co-founder Billy Markus said that Kwon should stop bringing more crypto market issues and leave the industry forever. 

 

Also Read: Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco

Luna was trading at $120 towards the beginning of April. However, it has collapsed this week and traded at $0.0003795 on Sunday. 

Kwon previously mentioned his revival plan and spoke about distributing ownership in the network across UST and LUNA holders. 

He said that 40% percent of the new tokens would be distributed to Luna holders before the de-pegging event, and the remaining 20% will be allocated to Luna holders at the final moment of the chain halt and the community pool.

Kwon mentioned that the network needs to be reconstituted to preserve the vast ecosystem of developers.

He said that the entire system had witnessed total demise. Now, the network has to be built back up from scratch.

Kwon aims to incentivize existing members not to abandon the project completely.

Photo: Do Kwan, Terra site video screenshot

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
CoinSwitch Kuber delists Luna just as crypto exchanges suspend Terra tokens. See details
‘We have now decided to delist Luna to safeguard your interests and those of the larger crypto ecosystem,’ CoinSwitch Kuber…
Terra blockchain halted again as crypto Luna crashes
Terra Luna’s downfall started over the weekend when its sister token UST de-pegged from its $1 value
Terra 'Officially' Halts Blockchain As LUNA Hits Zero
Terra (CRYPTO: LUNA) has officially stopped block production as the blockchain’s native token hit a low of $0.000033 on Thursday.
Crash in stablecoins drags crypto market, Bitcoin logs most volatile week in yrs
In the last seven days, Bitcoin fell by nearly 18% and Ether shed more than 25%. A sharp decline in…
One subscription that gives you access to news from hundreds of sites
Terra Hasn’t Killed Crypto, But It Was a Narrow Escape
Algorithmic stablecoins were about to hit prime time. Now they're having an existential crisis.
Indian crypto exchanges in a spot after Luna’s delisting
The crypto token, which is part of the Terra blockchain, became a casualty of the recent rout
Get all your news in one place