Do Kwon could be the reason why LUNA’s rebirth plan could not be successful
Terra’s great renaissance plan was initiated by its co-founder and creator, Do Kwon, to save the Terra ecosystem from disintegration into oblivion, but its efforts have failed significantly. Is Kwon trying to check all the bad mechanisms of the Terra blockchain system, believing that it could eventually revive the dying cryptocurrency? But unfortunately, it seems that all his attempts to revive the Terra blockchain have been in vain, leading to a much bigger disaster than previously anticipated.
Well, apparently, a bad attitude could not help Do Kwon reintroduce its blockchain to the market. Some investors believe that its bad reputation is one of the many reasons why Terra 2.0 has failed to attract the attention of crypto investors. Do Kwon is currently facing charges of fraud and breaches of other financial regulations in the country, according to the South Korean government. The country’s local news channels reported that the CEO of Terra, together with his entire team, are being summoned by South Korean officials. Several media outlets have found evidence that Do Kwon allegedly sold Terraform Labs a few days before its stable coins fell, stealing thousands of dollars from investors’ fortunes.
It should be noted that the South Korean government managed to charge Do Kwon with these allegations just weeks after his entire legal team resigned. Even if the real reasons behind these actions are still unjustified, it is becoming increasingly clear what could have caused this massive consequence. Therefore, quite obviously, investors are reluctant to trust the cryptocurrency of an individual who is accused of so many accusations, along with the revelation that he could be the very reason why the ecosystem of TerraUSD and LUNA fell in the first place!
Do Kwon’s “Lack of Faith” was the only reason the Moon saw a 70% tank! first appeared on.