United

Terra

Anchor Protocol

Anchor

Daniel Shin, co-founder of TerraformLabs, appeared in court on <a href="https://imnews-imbc-com.translate.goog/news/2023/society/article/6538464_36126.html?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en-US&amp;_x_tr_pto=wapp">Oct. 30</a> and denied all charges against him in connection with the 2022 collapse of the Terra Ecosystem. He instead laid blame on his associate Do Kwon’s “unreasonable” management practices of Anchor Protocol. 
Shin distanced himself from the currently incarcerated Kwon, his lawyers claiming that he had terminated their association in 2020. Therefore, they argue, he can not be held liable for the subsequent failure of the digital asset’s ecosystem. Shin’s lawyer told the court: 
<blockquote>
 “[Shin]parted ways with CEO Kwon for business purposes in 2020 … The cause of the coin plunge was the unreasonable operation of the Anchor Protocol conducted by CEO Kwon and external attacks. It has nothing to do with CEO Shin,
</blockquote> 
After several <a href="https://cryptoslate.com/south-korean-officials-conclude-week-long-raid-in-terra-luna-case/">failed arrest attempts</a>, Shin is now facing trial in Seoul for <a href="https://cryptoslate.com/south-korea-indicts-terra-co-founder-daniel-shin/">fraud, illegal fundraising, and violating capital market laws</a>. However, he has denied all charges against him. 
His former partner, <a href="https://cryptoslate.com/people/do-kwon/">Do Kwon</a>, is serving a four-month jail term in Montenegro for traveling with forged documents. Authorities in South Korea and the United States have filed&nbsp;<a href="https://cryptoslate.com/do-kwon-charged-in-the-us-following-confirmed-arrest-in-montenegro/">criminal charges</a> against Kwon over his role in the collapse of UST. 
<h2 id="terra-failure">Terra failure</h2> 
Anchor Protocol was Terra’s lending borrowing platform. The protocol promised UST holders a 20% annual yield on the stablecoin holdings, leading to its <a href="https://cryptoslate.com/terras-anchor-protocol-hits-5-billion-in-tvl-lunas-price-surges/">massive growth and adoption</a>. 
UST was an innovative algorithmic stablecoin whose market capitalization peaked at more than $40 billion before suddenly crashing last year, resulting in a contagion that affected several crypto firms. 
Following UST’s <a href="https://cryptoslate.com/luna-2-0-falls-by-77-in-14-days-as-do-kwon-takes-twitter-account-private/">unexpected collapse</a>,&nbsp;Kwon <a href="https://cryptoslate.com/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing/">substantially raised</a> Anchor’s protocol’s interest rate from the initially planned 3.6% to well over 20% in a last-minute decision. 
On the other hand, Terraform Labs, the creator of the Terra blockchain, has consistently <a href="https://storage.courtlistener.com/recap/gov.uscourts.flsd.655594/gov.uscourts.flsd.655594.1.0.pdf">maintained</a> that the failure of its ecosystem was due to <a href="https://cryptoslate.com/court-orders-genesis-to-produce-subpoenaed-documents-in-terraform-labs-case/">third-party firms</a> that held “short” positions against its digital assets, LUNA and UST. 
The post <a rel="nofollow" href="https://cryptoslate.com/terra-co-founder-daniel-shin-blames-ecosystem-failure-on-do-kwons-management/">Terra co-founder Daniel Shin blames ecosystem failure on Do Kwon’s management</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Terra co-founder Daniel Shin blames ecosystem failure on Do Kwon’s management

목차

CryptoSlate

2023년 10월 30일에 게재된 다른 기사

BONE of Shiba Inu Aims for 160% Growth as Price Chart Hints at Familiar Pattern

ETH options call block volumes exceed $250 million

Shiba Inu (SHIB) Key Indicator Paints Picture You Don't Want to See

CME becomes second-largest Bitcoin futures exchange as open interest surges

El Salvador’s Nayib Bukele kickstarts re-election campaign

These Three Blue-Chip Stocks are Trading at a Steep Discount

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!