Do Kwon, the controversial founder of Terraform Labs, finally broke his Twitter silence and spoke about the need for decentralized money.
Do Kwon returns on Twitter
The controversial founder of Terraform Labs, Do Kwon, finally broke his silence on Twitter and reiterated his belief that the crypto world needs decentralized money that is censorship-resistant.
“Decentralized networks need decentralized money, this is clearer than ever today.
Thus Do Kwon
Several Twitterers from the crypto community reacted strongly to Do Kwon’s bravado. Although the Terra founder disabled the comments, the Twitter users had their say.
It’s no news that Do Kwon’s attempts to get decentralized money haven’t gone so well. More and more people are even calling the founder of Terra a scammer. In particular, the decoupling of the UST stablecoin, which was supposed to fill the decentralized money gap by being backed by Bitcoin reserves, caused investors’ LUNA and UST tokens to become worthless overnight. crazy that both America and South Korea are investigating the company. Terra has also been taken to court.
Do Kwon’s statements come after Circle, the issuer of USDC stablecoin, is blocking all Ethereum addresses associated with Tornado Cash. In doing so, it froze more than USD 75,000. This move has since raised concerns about the lack of resistance to censorship of Stablecoins among privacy advocates in the crypto world.
Tornado Cash
Tornado Cash is a decentralized application that users can use to hide a trail of crypto transactions on the blockchain. While privacy advocates argue that there are completely legal reasons for these tools to exist, the lack of controls and recent use of these tools has become a concern for regulators.
Attackers used the dApp in the Ronin bridge hack that involved stealing more than $600 million in crypto. The same was also the case with the Harmony Bridge attack.