'Terra · Luna' developer Kwon Do -hyung's invention pain

Representative Kwon Do -hyung, who created the stablecoin 'UST' and the coin 'LUNA' related to the coin related to the coin, acknowledged the failure.

The USST is a stable coin where algorithms that maintain $ 1 value through exchange with LUNA are once active, with the market cap of more than $ 18 billion.

However, when the 'Degging' phenomenon, which could not maintain fixed value on the 10th, appeared, investor anxiety spread, and the Bank Run occurred, where both USST and LUNA were rapidly falling.

Terra responded by issuing LUNA in order to solve the digge, but as a result, USST has not been able to resolve the digging and is trading for about $ 0.2. The average price of LUNA, which once recorded more than $ 100, fell to $ 0.0001.

In addition to domestic virtual asset exchanges such as Upbeat, Bithumb, and Gofax, overseas exchanges such as Binance and Coin Base, the world's largest exchanges, have been foretelling LUNA transaction support.

Kwon posted an apology for damages to USST and LUNA investors on Twitter on the 14th.

In the tweet, Kwon said, "It is still a decentralized economy, but it is clear that the decentralized currency will be worth it, but it is clear that the current USST is not such a currency."

He also said, "The organization that belongs to or belonging has not gained any benefits from this incident," he said.