TerraUST got de-pegged 1:1 from the USD last week and both the UST and Luna plummeted to $0. It fell 100% in a span of 3-days making investors’ bags seem worthless. The crash created a tsunami of distrust in Do Kwon and investors want the founder to be held o task. A frustrated investor has launched ‘Do Kwon Token’ to mock the Terra founder for his handling of the TerraUST and Luna crash.
The ‘Do Kwon Token‘ logo showcases the Terra founder in a bad light with a bounty of $1 million. “Wanted dead or alive” the logo reads along with “Rewards $1,000,000.” The logo also has Do Kwon plastered in the middle with Bitcoins in the backdrop. The Do Kwon Token saw its launch on May 16.
The anonymous founder explained the purpose of the token saying, “CEO Kwon committed a deliberate fraud. I want to compensate the victims of the Luna incident by expanding this project.”
Its white paper reads that Do Kwon Token has a circulating supply of 1 billion. The founder claimed that he/she is confident that the token will be listed on leading exchanges during the second half of 2022.
While anger against Do Kwon is justifiable, giving birth to tokens out of thin air during a crisis is not. Also, there could be a high chance the project could be fraudulent, as it plays with the sentiments of victims who lost their money. Moreover, tokens that use ‘news’ as a basis of their project have high chances of vanishing after things cool down. Regardless, it is advised not to invest in the Do Kwon Token and stay away from more projects that use crisis as a basis for launch.
Do Kwon’s Plans For Terra
Do Kwon has suggested to hard fork Terra and not connect it to UST and other algorithmic stablecoin elements. The preliminary votes show 92% of users have rejected the plan with 8% of users giving it a go-ahead. The main voting will be held today and the preliminary votes suggest the proposal might not go through.
The future of Do Kwon’s suggestions and Terra as a whole remains to be unclear. We will have to wait and watch which direction the Terra ecosystem will move henceforth. Also, the rubbles of TerraUST and Luna crashes are yet to be cleared and investors are seeking answers from Do Kwon.