The of Terra's (LUNA) has made me "poor again" - CZ

21 May 2022

Due to the LUNA crypto crisis's uniqueness and unexpectedness, the crypto industry was in turmoil.

Crypto doubters now have even more cause to trash the whole business after one of the biggest projects in the world went bankrupt.

At a time when Terra developers like Do Kwon are scrambling to reassemble their network, business titans and government authorities are speaking out.

The Terra catastrophe has sparked a flurry of commentary from industry heavyweights, who weigh in on everything from lessons learned from the event to the need for more regulation to whether the collapse will have a lasting impact on the business.

There is a lot of buzz around the LUNA cryptocurrency in the blockchain community.

It's a shame for Do Kwon and the Terra team that their remarks aren't more complimentary.

The co-founder of Dogecoin (DOGE), Billy Markus, has slammed Kwon's rebirth plan for the network. If you try to save the web, Markus warns you'll only create more victims. He tells Kwon that he should move on.

CEO Changpeng Zhao of Binance (BNB) is also sharing his thoughts. LUNA's demise has left Zhao "poor again," as he recently joked. 

Terra developers are now being courted by his platform with the hope of luring them away from Ethereum and onto the BNB blockchain.

Layer-2 network pioneer Sandeep Nailwal of Polygon (MATIC) is providing a similar haven for developers.

Vitalik Buterin, the inventor of Ethereum (ETH), is instead targeting the TerraUSD (USTD) stablecoin. Algorithmic stablecoins like UST are considered propaganda by Buterin.

Huobi Global, like Binance, is taking a blow from the cryptocurrency market's recent volatility. Co-founder Jun Du, on the other hand, seems unfazed.

According to Du, the volatility in crypto is just temporary, and the currency will continue to rise.

This is an enormous blow for Mike Novogratz, Galaxy Digital (BRPHF) Chief Executive Officer, and a famous cryptocurrency bull.

The crypto-enthusiast recently got inked to show his devotion to LUNA.

For him, it's a constant reminder that investing in cryptocurrency "needs humility."

After a disaster like the LUNA collapse, authorities and politicians can't help but speak out.

Gary Gensler, the Securities and Exchange Commission (SEC) chairman, referenced Terra in passing at a meeting with Congress this week.

Fifty people would be hired to work in a new crypto regulatory division as part of the agency's newly planned budget. 

It is possible Gensler was referring to the currency when he said that crypto had "gone from $50 billion in value to near zero only in the previous three weeks."

Politicians like Pat Toomey, a Pennsylvania senator, have discussed algorithmic stablecoins.

After the UST disaster, Toomey, a House Banking and Budget Committee member, was concerned about the uncollateralized technology market.

Additionally, US Treasury Secretary Yellen is advocating for expedited implementation of crypto regulation.

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