Do Kwon says he is ‘heartbroken’ in new statement, claims no UST or LUNA sold during crisis


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Terraform Labs co-founder and CEO Do Kwon broke his social media silence early Friday evening with a trio of tweets about the collapse of Terra’s LUNA token and associated stablecoin, UST.

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The statements came hours after Kwon floated a proposal via a Terra discussion forum to essentially restart the network with 1 billion tokens distributed to impacted holders and users.  

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As The Block has covered in the past week, the paired meltdown of the algorithmic stablecoin UST and Terra’s native LUNA asset resulted in steep losses for those exposed to the market. The resulting chaos ultimately led to blockchain stoppages and market trading halts as the circulating supply of LUNA skyrocketed. 

Earlier Friday, Terra devs said that a post-mortem report detailing the events of the last week was being assembled. “The strength of the #LUNAtics has been amazing. More to come,” that post said. 

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