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Do Kwon, the maligned founder and CEO of TerraForm Labs, has posted a plan to fork the Terra blockchain and distribute 1B of a new token to stakeholders in the Terra Acknowledging that the UST in its current form is irrecoverable, the founder of the LUNA governance token and TerraUSD stablecoin has laid out a revival plan on Terra’s Agora Polygon, a rival blockchain project, is already seeing an influx of developers fleeing Terra, said Mr Mudit Gupta, chief information security officer at Polygon. On Friday, Terra's co-founder Do Kwon, who vanished this past week during the crypto collapse, announced a new plan to resuscitate the beleaguered $30 billion Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the Terra's co-founder, Do Kwon, is still attempting to revive the effort and come up with plan B. Initially, there were hopes of a UST bailout; but those hopes have died. The founder of Terra network, Do Kwon, has revealed how the blockchain could revive its lot after the demise of its native token. The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about $40 billion of investors’ money in May, has admitted he was “wrong”, but said

Terra Founder Said This Token Would Die, But Did He Have Other Plans? The Do Kwon Controversy

The collapse of Terra (LUNA) and its algorithmic stablecoin, UST, sent shockwaves through the crypto world, wiping out an estimated $40 billion of investors\' money. The central figure in this saga is Do Kwon, the maligned founder and CEO of Terraform Labs. But what exactly happened, and did Kwon truly have other plans even when indications pointed to the token\'s demise?

Initially, there were hopes of a UST bailout; but those hopes have died. Terra\'s co-founder, Do Kwon, is still attempting to revive the effort and come up with plan B. But the scale of the collapse raises serious questions.

The Kwon Revival Plan: A Fork in the Road

Do Kwon, the maligned founder and CEO of TerraForm Labs, has posted a plan to fork the Terra blockchain and distribute 1B of a new token to stakeholders in the Terra ecosystem. Acknowledging that the UST in its current form is irrecoverable, the founder of the LUNA governance token and TerraUSD stablecoin has laid out a revival plan on Terra’s Agora forum. The founder of Terra network, Do Kwon, has revealed how the blockchain could revive its lot after the demise of its native token. This involves creating a new chain without the UST algorithmic stablecoin, effectively a "Terra 2.0."

Did Kwon Anticipate the Collapse?

The speed and scale of the UST depegging and subsequent LUNA crash have fueled speculation about what Do Kwon knew and when he knew it. The co-founder of the failed Terra cryptocurrency, which collapsed and wiped out about $40 billion of investors’ money in May, has admitted he was “wrong”, but said… little else to quell rising suspicions.

Developers Fleeing to Polygon

Polygon, a rival blockchain project, is already seeing an influx of developers fleeing Terra, said Mr Mudit Gupta, chief information security officer at Polygon. This exodus highlights the loss of trust and the uncertainty surrounding the future of the Terra ecosystem.

The New Terra: Can It Rise From the Ashes?

Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST. On Friday, Terra\'s co-founder Do Kwon, who vanished this past week during the crypto collapse, announced a new plan to resuscitate the beleaguered $30 billion project. The success of this new Terra remains to be seen, and faces considerable hurdles, including rebuilding trust and attracting new investment.

While Do Kwon insists he is committed to reviving the Terra ecosystem, the damage done to investor confidence may be irreparable. The question remains: can a new Terra rise from the ashes of the old, or will the legacy of the LUNA collapse forever haunt its future?

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