SBF: “The LUNA UST Mechanism Wasn’t Misrepresented—It Used to be Very Clear”
It is most likely you’ll perhaps well perhaps very effectively be here: Dwelling / News / SBF: “The LUNA UST Mechanism Wasn’t Misrepresented—It Used to be Very Clear”
by Lipika Deka
FTX CEO Sam Bankman-Fried a.k.a SBF stood boldly uninteresting Terra’s co-founder Stop Kwon and has shared his views on one amongst the worst debacles within the crypto trade. Supporting the beleaguered founder, SBF sought to give his fragment of strategies in one amongst primarily the most talked-about points- the LUNA/UST mechanism which has near underneath intense criticism.
In his Twitter thread, SBF stated the LUNA/UST became very clear and no longer distorted as extensively viewed. “Stop Kwon clearly stood by it, morally and when it comes to press, lengthy after he must possess backed off,” the tweet read.
Kwon didn’t declare that UST became backed 1:1 by USD. He claimed, accurately, that it became backed by a bunch of unstable property. It became very publicly obvious that those property might perchance well well perhaps trot down, and the remainder adopted. All as soon as more–I don’t wish to condone the habits. However it’s different.
Kwon who is within the within the meantime facing mounting criticism over his stablecoin fiasco became on one occasion labeled crypto’s Elizabeth Holmes drawing similarities to her defrauding investors within the Sinful Theranos Scandal that rocked the US healthcare trade.
Per SBF, Luna became pushed by mass enthusiasm, pleasure, and over-the-top advertising and marketing and marketing and meme gimmicks that made americans take into accout in one thing which became going to falter in conserving with the publicly obtainable info.
“That advertising and marketing and marketing became perchance unfriendly. However it wasn’t the *samekind of unfriendly as Theranos,” he stated.
SBF: “Most Sinful Investments Aren’t Ponzi Schemes”
The FTX founder tried to dispel myths about investments that yield losses by asserting “most unfriendly investments aren’t Ponzi schemes. Some are fraud, some are unfriendly success, and some are somewhere in between.”
He reasoned this by citing conditions of investments that possess misplaced bigger than 50% of their payment in 2022, at the side of Cathie Wood’s ARKK Investment, AMC Entertainment, Netflix, and LUNA.
One can’t aid but compare the stark distinction to Binance Changpeng Zhao’s reaction who slammed UST as “one over-leveraged ‘acquire’ coin” and criticized the kind flaw of its ecosystem.
Following the meltdown, the area’s biggest cryptocurrency trade answered by halting the trading of Terraform Labs’ Terra [Luna] and TerraUSD [UST] tokens on its platform indefinitely.