Terra Struggles to Survive as LUNA Crypto Divides 9 Blockchain Behemoths

LUNA coin

Lots of crypto celebs are speaking up about the Terra collapse.

The LUNA crypto meltdown was unusual, unforeseeable, and a negative image for the sector as a whole. Crypto doubters now have even more cause to condemn the whole sector after one of the world’s greatest projects vanished into oblivion.

As Do Kwon and other Terra developers strive to put their network back together, business leaders and government authorities are speaking out. These industry insiders are offering a variety of perspectives on the Terra disaster, including how to use the experience to learn about investing, why more regulation is needed, and if the collapse will have a long-term impact on the sector.

The LUNA Crypto Crash Has Crypto CEOs Talking

The LUNA cryptocurrency is generating a lot of buzz among blockchain engineers. Do Kwon and the Terra team, however, have received some harsh criticism.

Take, for example, Dogecoin (DOGE-USD) cofounder Billy Markus, who has slammed Kwon’s attempt to revive the network. Any effort to save the network, Markus claims, would just result in additional victims. He tells Kwon that he should move on.

Changpeng Zhao, the CEO of Binance (BNB-USD), is also stating his thoughts. Zhao has joked that he is “poor again” as a result of the LUNA crypto’s demise. In addition, his platform is recruiting Terra developers in the hopes of luring them to the BNB blockchain.

Sandeep Nailwal, the creator of Polygon (MATIC-USD), is providing a similar haven for developers on his layer-2 network. Meanwhile, instead of LUNA, Ethereum (ETH-USD) inventor Vitalik Buterin is targeting the TerraUSD (UST-USD) stablecoin. Buterin refers to UST and other algorithmic stablecoins as “propaganda.”

Huobi Global, a crypto exchange similar to Binance, is also suffering from the meltdown. Cofounder Jun Du, on the other hand, seems unconcerned. According to Du, the volatility is just temporary and that cryptocurrency will continue to expand. Mike Novogratz, the CEO of Galaxy Digital (OTCMKTS:BRPHF) and a noted LUNA crypto bull, may feel the pain for a long time. The crypto enthusiast just inked his enthusiasm for LUNA on his body. He now claims the tattoo will serve as a reminder that investing in cryptocurrency “needs humility.”

Lawmakers React to Terra’s Death

Regulators and politicians, too, can’t keep their mouths shut following an incident like the LUNA collapse. In a budget discussion with Congress this week, US Securities and Exchange Commission (SEC) Chair Gary Gensler made a passing reference to Terra. The SEC’s recently proposed budget would assist in the hiring of 50 workers for a new crypto regulatory department. Gensler said a cryptocurrency that “went from $50 billion in value to near $0 in the previous three weeks,” most likely alluding to the coin, during the meeting.Meanwhile, lawmakers like as Senator Pat Toomey are discussing algorithmic stablecoins. Toomey, a member of the banking and budget committees, is concerned about uncollateralized technology in the aftermath of the UST meltdown. Treasury Secretary Janet Yellen is also using the occasion to push for a speedier implementation of crypto legislation.

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