Billy Markus responded to the recent statement of Terraform Labs founder Do Kwon.
Billy Markus co-founded Dogecoin, with another developer Jackson Palmer, in 2013. Billy Markus is popularly known as Shibetoshi Nakamoto on Twitter. At present time, Billy actively promotes Dogecoin & crypto adoption in the world, but he is no longer in the Dogecoin project because he thinks that it is very tough to work as a developer.
On 14 May, Do Kwon, founder of Terraform Labs, took to Twitter and said that he is heartbroken in the crypto industry because of the recent collapse of the Terra Ecosystem.
Terra founder also said that no one made a profit with the collapse of Terra Ecosystem but surely the foundation will work to bring UST stable coin on the path with the use of reserved Bitcoin funds.
” We are currently working on documenting the use of the LFG BTC reserves during the debugging event. Please be patient with us as our teams are juggling multiple tasks at the same time.”
Kwon shared the link to all suggested plans by the Terra community and said that he will decide the perfect one after reading all the proposals for Terra revive the plan.
In response to these tweets of Terra founder, Dogecoin founder suggested Kwon stop doing more work to introduce new issues for the crypto investors, who already lost in Terra. And also suggested leaving this crypto Industry forever.
Mistakes by Terraform Labs
When UST & Luna was facing a huge downfall in the prices then in that situation, Team allegedly tried to sell huge numbers of Luna coins by minting new Luna in the Terra network.
On 13 May, Binance CEO stated that unlimited minting of Luna coins, outside the exchange, was a big fear and the majority of the crypto investors are unaware of this issue, so it was the duty of the Binance exchange to shut down trade support for Terra’ native tokens, to save the investors.