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The founder of the crypto project “Terra” rejects the idea of ​​​​burning digital currencies LUNA

The founder of the crypto project “Terra” rejects the idea of ​​​​burning digital currencies LUNA

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Answer The founder of the crypto project “Terra” rejects the idea of ​​​​burning digital currencies LUNA

in Tweet Recently, Do Kwon told Terra founder that burning LUNA was not a good idea.

Although he gave users the address of the burn, he warned that destroying the cryptocurrency is pointless because nothing will happen.

In early May, the circulating supply of Luna cryptocurrency rose from 340 million to 6.5 trillion in just two days.

The reason for the inflated circulating supply was the de-pegging of the digital stablecoin TerraUSD (UST).

Despite massive increases in supply, the UST stablecoin failed to restore its peg due to lower demand.

The hyperinflated currency of LUNA collapsed to almost zero, leaving investors in desperation.

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Kwon recently suggested a network split to get the project back on track, after which the proposal was changed mid-voting, causing some controversy.

A separate proposal to burn 1.4 billion UST from the community pool failed due to a technical issue but was subsequently resubmitted.

Due to the hyperinflation, many of the spam suggestions caused a congestion on the voting booth.

Coinciding with the voting proposals, the Seoul Southern District Prosecutor’s Office recently announced that it has begun an investigation into Terraform.

As several press reports have shown, the Terra founder has been fined 100 billion won ($78 million) for tax evasion.

On Saturday, Kwon took to Twitter to refute media reports, claiming that his company had no tax obligations in South Korea.

Last week, Terraform Labs also lost its entire legal team, according to media reports, which was confirmed by Terra founder Do Kwon.

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