Ethereum founder says: Terra Luna team engaged in market manipulation

Ethereum founder says: Terra Luna team engaged in market manipulation

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Answer Ethereum founder says: Terra Luna team engaged in market manipulation

in an interview At length with New York Times journalist and columnist Ezra Klein, Ethereum co-founder Vitalik Buterin told that the Terra Luna team attempted to manipulate the market in order to prop up the value of the original cryptocurrency LUNA.

Buterin says no one really knows what the Terra Luna team was doing with their massive bitcoin reserves.

According to the Canadian programmer, the Terra Luna fiasco shows that decentralization does not solve all problems.

Even if an algorithm is open and transparent, it will still break down if poorly implemented.

The mechanism behind the failed blockchain project was just bad economics, according to Buterin.

Read:Mike Novogratz: The Russo-Ukrainian War Could Boost Crypto and Weaken the US Dollar

The co-founder of Ethereum recalls that a lot of smart people were saying Terra Luna was bad both in terms of fundamental and business.

Luna Classic, a relic of a failed project, and Luna 2.0 recently saw a price rebound last September despite the company’s founder reportedly remaining on the run, causing the South Korean government to issue an arrest warrant.

Buterin was surprised by the drop in the price of Ethereum after the merger, revealing that he did not expect the price of Ethereum (ETH) to drop after the much-touted merger upgrade.

The price of the second largest altcoin has fallen by 18% since September 15 even though Ethereum’s move to Proof of Stake has been a resounding success.

To the chagrin of the crypto bulls, it ended up being a news selling event.

The founder of Ethereum also believes that the weak performance of US stocks contributed to the impact on the crypto market, especially the drop in the price of Ethereum.

Read:Solana (SOL) has a lot of red flags according to an expert investor

Read also:

Crypto Market Still Calm Despite $4 Billion Bitcoin and Ethereum Options Expiry

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