The co-founder of the popular meme coin, Dogecoin, has asked the Terraform Labs founder Do Kwon to leave the crypto space for good in reply to Kwon’s tweet thread.
Last week was not a good week for Terraform Labs as its stable algorithm coin, UST and LUNA, fell to unimaginable levels, resulting in a 99.9% loss for its investors.
The LUNA/UST crash that occurred last Wednesday impacted the entire crypto space, prompting some investors to sell off their holdings.
After the crash event, Do Kwon posted a tweet thread expressing how heartbroken he was at the pain his invention caused Terra investors and proposed an ecosystem revitalization plan that included the launch of a forked version of the Terra blockchain.
However, Kwon’s tweets were not welcomed by many, including Dogecoin co-founder Shibetoshi Nakamoto, as his plans did not seem feasible.
Dogecoin co-founder, Shibetoshi Nakamoto responded to Kwon’s tweets, stating he was being hypocritical and shameful, and urged him to stop trying to attract new victims to buy LUNA/UST to fund the previous victims of the crashed projects.
In addition, many of Terra’s investors, including Changpeng Zhao, the CEO of the most popular cryptocurrency exchange, Binance, have condemned his proposal to fork the Terra blockchain to save the Terra ecosystem, dismissing it as a bad idea.
Changpeng Zhao, in a tweet he published on May 14, urged Terraform Labs not to let down investors who tried to save their tokens by forking at an old date, emphasizing the fact that the reduction of the LUNA’s supply should be made via burning to address the situation.
However, Kwon doesn’t seem to agree with them, as no official statement has been made about burning the tokens since Terra’s investors started clamoring for it.
Additionally, in his tweet thread, Do Kwon also responded to the burning questions of its investors about the Terra Luna Foundation Guard bitcoin reserve that was supposed to protect his UST, saying the team is currently working on documenting how the BTC was used during the de-pegging event.