While the last 30 days has been a blissful month for most of the cryptocurrencies, Terra’s Luna 2.0 has seen no effect. This is because the currency has dropped by 24.37% against Bitcoin in the last 30 days. Also LUNA has plunged by 89.8% from its all-time high on May 28.
Meanwhile, Terraform Labs Do Kwon, which has since been completely silent, took to Twitter early today to write down its views on the decentralized network.
Do Kwon : Crypto Needs Decentralized Money
He made a note that the crypto space is in need of decentralized money which is censorship resistant.
As usual it was not taken positively by the crypto community. The founder of Terra has turned off comments on the post, yet users still used his tweet as a quote to comment their thoughts.
One of the users claimed that criminals like you should be behind the bars and that used his quote, more obvious today than ever.
It comes amid a class-action lawsuit filed by Terra collapse victims against TerraForm Labs, Do Kwon and Nicolas Platias. It is also a known fact that Do Kwon’s move towards decentralized money has left him behind with many complaints against his fraudulent activities.
Furthermore, the de-pegging of Do Kwon’s stablecoin creation UST, which was expected to address the decentralized money shortage by supporting Bitcoin reserves, turned investor’s LUNA and UST investments invalid instantly. Hence, now Do Kwon and his Terraform Labs is under the scrutiny of South Korea and US investigations along with various class action lawsuits.
Circle Blocks ETH Addresses Associated With Tornado Cash
However, Do Kwon’s tweet on decentralized money comes after Circle blocked all Ethereum addresses associated with Tornado Cash and it has freed up 75,000 USDC. Circle, a US-based payments company, is the one that supports the USDC stablecoin.
This action has now looked to be concerning pointing towards a lack of censorship resistance in the crypto system.
Tornado Cash, on the other hand, is a decentralized program that allows users to hide a trace of cryptocurrency activity on the blockchain. While these types of tools pose a threat to the lack of control over cryptocurrencies, privacy proponents believe there is a legitimate reason for these tools to exist.
