Are Influencers like Do Kwon harmful to the Crypto Industry?

Vinod Dsouza
Do Kwon
Source: News Text Area

The cryptocurrency market is a learning process and teaches every single investor lessons of a new kind. Terra’s stablecoin revealed the fact that not everything that glitters is gold… ahem ahem.. not everything that’s named ‘stable’ is stable. TerraUST and LUNA fell to $0 falling 100% as they plummeted for 3-days straight. Despite assembling the Luna Foundation Guard (LFG) to take quick decisions, there was nothing they could do to save it from collapse. Also, even after deploying a $1.5 billion Bitcoin reserve to save their UST, the stablecoin still collapsed. Terraform Labs founder Do Kwon is at the center of the rubbles and all fingers point toward him for mishandling the situation.

Do Kwon seems to have not budged a bit. His memes and slurs have stopped due to the situation and it’s been 2-weeks since he hasn’t called anyone “poor”.

Kwon has a history of ridiculing anyone who questioned the Terra module as “poor” people. He can’t call people “poor” anymore as there’s a large number of investors who turned poor due to his mishandlings.

The brash founder received several criticisms for Terra’s failure but he’s still on the scene working on a revival. Do Kwon suggested bringing Terra to life with Hard Fork and disconnecting it with the UST and algorithmic elements.

The governance votes show that 62% are currently in favor of Do Kwon’s ideas and the voting ends tomorrow. Going by the numbers, Kwon might have his way and get another chance to do as he pleases.

The 30-year-old founder might find success again or fail, no one knows what could happen for sure.

Going by his personality, Do Kwon will not go away from the crypto sphere and could stay even if multiple plans fail. If he succeeds, good, if he fails again, there’s no need to blame him. We can just read and remember the first line of this article and move on with life.