What Do Kwon and the Collapse of Terra UST and LUNA Means to You

Stablecoins were supposed to yield unrealistic returns for bored apes worldwide, but have proven to be nothing but a Ponzi scheme. What can you do to protect yourself?
do kwon terra luna

Surely, you already know what Bitcoin and Ethereum are, but there is a new scam taking place on a cryptocurrency exchange near you, that you may want to be aware of. Stablecoins, or cryptocurency algorithmically pegged to the U.S. Dollar, the world’s leading currency, are promising unrealistic yields to investors worldwide and also costing them money.

Luna and UST

UST was developed by a man named Do Kwon, who claimed it would artificially “count” as a U.S. Dollar, because he created an algorithm that would burn LUNA and buy UST whenever the currency was in trouble. This was all fine and good, until people with more money than him started to attack the peg. Once it lost the peg, it took only 36 hours or so for LUNA to race towards 0, wiping everyone out.

Do We Have an SEC?

In America, investors and citizens are supposed to be protected by the Securities and Exchange Commission (S.E.C), based on The Securities Act of 1933. Yeah, it’s been almost 90 years since they updated it. Whichever way you choose to look at it, scams have been around since then.

Clearly, Gary Gensler, who heads the commission, is too busy not regulating the actual stock and options market to do anything. He even posted the below quote to indicate he “would” do something.

The problem is, all I hear is crickets.

Do Kwon’s Revival Plan 2

Clearly, Do Kwon can’t just take his chips and run. He has unveiled Do Kwon’s Revival Plan 2.0 where he wants to give his platform back to the community. Clearly, he doesn’t care about lying anymore and will just make it up as he goes along.

Closing Thoughts

Stablecoins just aren’t something you can trust. Whether they are just complete Ponzi schemes and fraud remains to be seen. But, buyer beware, if it looks too good to be true, it usually is.

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