Terrausd, the world's third largest stable currency, has collapsed, and its sister token Luna has plunged 99% Now, people's attention turns to do Kwon, the founder of terrausd. It is found that the arrogant Korean cryptocurrency entrepreneur often refutes the criticism of his project by laughing at the critics as "poor", suggesting that the essence of these critics is to hate the rich.
Last July, Quan Yongkang ridiculed a British female economist who criticized the so-called algorithmic stable currency model.
The economist, Frances Coppola, said on twitter that when panicked investors flock out, the self correction mechanism used by terrausd will fail.
Do Kwon responded: "I don't debate with the poor on twitter. I'm sorry I don't have any change for her right now."
Just days before terrausd plummeted to $0.30, he was still lashing out at critics.
In a tweet on May 9, he wrote: "in a moment, you can hear the report of CT influencers about the 69th off ball of UST. Or you can remember that they are all poor now and go running."
Terrausd is a so-called algorithmic stable currency, which aims to maintain its peg to the US dollar by encouraging traders to trade the asset in exchange for Luna cryptocurrency.
This week, terrausd fell to a level far below US $1. The project almost collapsed. The loss of confidence made its sister cryptocurrency Luna fall from about US $80 to below US $0.05 in a few days.
Trading platform markets "These are all fugazi. They are fictional assets," said Neil Wilson, an analyst at. Com who has long been skeptical of cryptocurrencies
He added: "liquidity is so great that new asset classes such as cryptocurrencies and NFT have to be made up to absorb liquidity. Now liquidity is disappearing and inflation is tearing people's demand for real hard assets."