Source: The Economic Times
Some crypto media is buzzing over the arrest of Kwon Do-hyung, the CEO behind the once "acclaimed" TerraUSD and cryptocurrency Luna.
Quite a sad outcome for one who won the hearts of many whom made a fortune from the ex-stable-currency.
In my personal opinion, the arrest doesn't make mean too much to us in the crypto space, reason being:
- the losses are already irrecoverable,
- the regulators are already going ahead to make amendments (or at least try) to have a tighter rein over this space
- the awareness has been raised on "stablecoins"
While this news may be noise, it does remind us to be diligent about this crypto space, and to think thrice when investing into projects which promises high yield.
Posted Using LeoFinance Beta
In my mind he was just attempting to create a more versatile algorithmic stablecoin system, which happened to a have a very serious flaw that got exploited. A major setback for the industry, but we all learned a lot from it.
He definitely made an amazing mark on the 2022 history of crypto!
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