Luna backer Su Zhu says UST collapse is Terra’s DAO hack moment
– Three Arrows Capital co-founder Su Zhu has acknowledged that a number of things went wrong with the stablecoin TerraUSD (UST) and its related token Luna.
– Zhu noted that critics had flagged the potential risks and said that the ecosystem should have moved more slowly.
– He also said that criticisms of blockchain projects should not be dismissed and that any such criticisms should be met with actual refutations.
– Earlier this month, Zhu had encouraged his Twitter following to take out loans using their bitcoin as collateral to buy UST and stake in Anchor Protocol.
– As for the blockchain itself, Zhu said, “This is Terra’s DAO hack moment.”
Share this:
Related
More Stories
Crypto needs regulation to avoid washouts like FTX, says Coinbase CEO Brian Armstrong
FTX declared bankruptcy after revelations about its business practices led to a surge of customer withdrawals, without sufficient funds to...
Slight Bitcoin Bullishness Continues Despite Market Cap Drop
The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. -However,...
Ethereum to fuel bullrun to $2,000 in coming weeks
- Ethereum's performance last week outperformed Bitcoin's by three times on the weekly chart. - Experts believe that Ethereum's burning...
JPMorgan’s Recent Experiment Proves Crypto is Here to Stay!
Ethereum was created in 2013, laying the foundation for cryptocurrency to take the largest step in its evolution since the...
tWhy Bitcoin and Ethereum Investors Are Losing Money
- Investors in Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies are losing money at a historic pace - The news...
“Bitcoin is Dead” – Mainstream Media 466 Times
The mainstream media has been publishing articles blaming crypto for the collapse of the FTX exchange and Sam Bankman-Fried's crypto...
