FTX CEO Defends Terra (LUNA) Founder from Ponzi Scheme Accusations

FTX founder Sam Bankman Fred tweeted in defense of the ecosystem ground and CEO and Co-Founder Do Kwon.

In response to a Coindesk article describing Do Kwon as Elizabeth Holmes from CryptocurrencyBankman Fried disagreed, stating that “not all bad things are the same.”

The comparison between Holmes and Kun is that they both led a project that failed in the endYou lose billions. But SBF mentioned it while Moon / UST It was bad and ended poorly, not like Holmes’ flip-flops.

simple area. Nobody accuses Holmes of failing Theranos. He is facing trial because he lied. Holmes lied to investors about the capability of the technology he was developing, but Du Kwon made no such misrepresentations.

According to SBF, LUNA/UST was very transparent and supported by Do Kwon Despite signs that it may collapse. Kwon did not lie about the fact that the underground reservoirs are backed by volatile assets and could collapse.

in your opinion, SBF thought it was just the fans’ enthusiasm and marketing that fueled LUNA’s growth despite clear evidence that it would collapse. He explained that while “the marketing might have been bad. It wasn’t the same kind of evil as Theranos“.

The CEO of FTX also noted that people who lose money In a project that you don’t turn into a Ponzi scheme. And give examples of other investments that have lost more than 50% of their value this year, including ARKK Investment from Cathie Wood, AMC Entertainment, Netflix and LUNA.

“Most bad investments are not Ponzi schemes. Some are scams, some are bad luck, and some are somewhere in between.

LUNA device irritates Binance CEO

One of Terra’s main critics is Binance Changpeng Zhao, who described the underground reservoirs as “A stablecoin Over-leveraged” and criticized the flaw in the design of his ecosystem.

According to him, He is disappointed with the way the Terra team handled the situation. He went on to say that the team did not act on any requests from Binance, which included removal from the network, burning From LUNA additional pouring and restoration of the connection of the floor tanks.

Talking about a plan to save Terra by creating a file hard fork Tough for LUNA, Czechoslovakia thinks that saying won’t work

“The hard fork It does not give it any new value. This is an illusion. You cannot reverse all transactions after a previous snapshot, either in-chain or off-chain (exchanges). “

Not giving an opinion

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