Do Kwon, the co-founder and CEO of Terraform Labs, re-posted on his social media. With a tweet about the collapse of Terra and UST’s LUNA tokens.
The statement comes after Kwon proposed plans to start a new network with 1 billion tokens to be distributed to affected holders and users.
“I am heartbroken at the pain my invention has given to all of you,” Kwon said.
The collapse of the Stablecoin UST algorithm and Terra’s native LUNA assets resulted in huge losses for those entering the market. The turmoil ultimately led to blockchain outages and market trading halted as LUNA’s circulating supply skyrocketed.
“The team is currently working on documenting the use of LFG’s BTC reserves,” Kwon said.
And finally, Kwon said, “What we should keep right now is a valuable Terra community and developers – I’m sure our community will come together to consensus about the best path for itself. and find a way to rise again.”
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