The collapse of the Terra ecosystem was the biggest cryptocurrency implosion so far, wiping off around $40 Billion of holder value. Do Kwon almost single-handedly pushed the value of LUNA and the market cap of the dollar-pegged UST to the high point it reached with constant, egotistical, almost arrogant Twitter posts. This created a cult following of the protocol that had a reliance on feeding the Anchor protocol to generate a market-leading APR on UST, no matter how unsustainable it would end up being.
Despite calls two years previous that algorithmic stablecoins (such as the way UST functioned) were a danger to the general public, Do Kwon ignored this completely and still moved forward with the project, to the detriment of most investors.
Interpol Red Notice
Interpol has issued a red notice for Do Kwon, with an arrest warrant for him already in place in South Korea. Do Kwon flew to Singapore before the collapse of Terra, however, Singaporean authorities state that he is no longer there. Despite a tweet stating “I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide” he has still not revealed his whereabouts.
Migration of Investors
With millions of people worldwide burned from this collapse, it begs the question where will their future capital move to? Most speculate that Binance Smart Chain, being the second biggest network by market cap, will be the destination for most. Projects like Oryen Network, which provide incredibly competitive APR rates but also have solid plans in place for backing the protocol that can be sustained, will certainly gain a fair share of the wealth influx. Oryen Network has no insular token ecosystem in which one token relies on the other for support, their support is in the form of a Risk-Free Value (RFV) wallet that will hold proven stablecoin such as Tether and Circle that can be used to support the ORY token in periods of volatility.
Learn More About Oryen Network Here:
Join Presale: https://presale.oryennetwork.io/register
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.