A crypto project built on the ruins of $40 billion in investors’ money
As we speak, the cryptocurrency market is barreling toward total collapse at an alarming rate. But even by the rest of the market’s standards, the downfall of Terra 2.0 has been downright historic. In May of this year, Terra plummeted, losing investors a staggering $40 billion USD.
The Return of Terra
Now, like a phoenix, Terra 2.0 rises from the ashes of its predecessor. But is the new and improved Terra really that much better? And will it survive the great crypto market crash of 2022? CoFounder Do Kwon seems to believe as much.
Is Terra 2.0 Reliable?
Currently, Do Kwon and Terraform Labs are caught in a legal battle in South Korea. However, despite the ongoing investigations into Do Kwon, the cryptocurrency community seem to have embraced the new and improved Terra 2.0 with open arms. Even major crypto exchanges are listing the new token. However, the CEO of Binance, Changpeng “CZ” Zhao, remains critical of Terra. He feels that even if the new token were to help investors of the original recover their losses, it wouldn’t make it much farther than that.
Can Terra 2.0 Satisfy Investors?
Still, many original investors are not happy. Despite being told they would be compensated with enough tokens to recuperate their losses; many barely received a fraction of what they lost. One investor, for example, lost $300,000 and received $60 in compensation. In addition, the token remained volatile through all of May, and experts don’t believe it’ll stabilize soon.
The Future of Terra 2.0
Now, members of the cryptocurrency community can’t help but wonder, is Do Kwon going to go down as the greatest redemption story in crypto history? Or is he just another grifter trying to make a quick buck? We might have the answer to that question once the market recovers from the recent crash.