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‘Do Kwon’s Tweet Held Off LUNA, UST Sale,’ Says Crypto Trader

‘Do Kwon’s Tweet Held Off LUNA, UST Sale,’ Says Crypto Trader Terra News
  • Crypto trader Ash WSB tweeted that many people held off from selling LUNA and UST.
  • This is following Do Kwon’s tweet on deploying more funds.
  • Earlier today, Terra brought amendments to its proposal 1623.

Amid the LUNA crash and Do Kwon’s discussion over it, a crypto trader has come out with accusations against Terra’s CEO. He tweeted that many people had stopped trading LUNA and UST because Kwon had announced plans to deploy more capital for the coins.

The Twitter post explains that people held off from selling LUNA and UST as Do Kwon tweeted about deploying capital and asked them to hold tight. The post stressed that trusting Do Kwon turned out to be an ugly mistake. Also, many people are left holding LUNA with 99.99% and UST with a 92% dip. He says that investors could have instead sold higher and got at least 50-60%.

On May 9, Do Kwon tweeted saying, “Deploying more capital – steady lads.” As a response to this tweet, a Twitter user replied, “let the weak hands sell and then wheel all are gone, Terra can restore the peg.”

Following TerraUSD’s (UST’s) crash, Kwon had put forth the governance proposal for community members to vote on a hard fork. Earlier today, Terra made some amendments to this proposal. This includes modifying liquidity parameters from 15% to 30%, to increase token supply.

Two days ago, a representative from South Korea’s ruling party called Kwon for a parliamentary hearing on the TerraUSD crash. The session focused on investors’ woe due to the stablecoin crash.

At the time of writing, Terra (LUNA) trades at $0.000139, with a nearly 3.58% hike in the past 24 hours. As the crypto market waved a green signal today, most of the coins are expected to gradually hike in the following days.

Bahira Maisoon is a researcher and writer for CoinQuora. She specializes in covering news and writing about blockchain and crypto assets to introduce people of all ages to the world of digital assets.