Do Kwon, CEO of Terraform Labs, will not admit defeat. After an 18-hour wait in which his coins Terra (LUNA) and TerraUSD (UST) endured a face-ripping freefall, Do Kwon has announced his “rescue plan” for the Terra community.
Terra is down 90% from its all-time highs, while the “stablecoin” UST is 75% below the dollar parity. But have no fear, cocky Kwon has planned “several remedial measures,” to rescue the billions wiped off the total Terraform Labs market cap.
2/ I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
— Do Kwon (@stablekwon) May 11, 2022