Ross Gerber – President and CEO of Gerber Kawasaki Wealth
While the famous investor feels sad for those who suffered as a result of the project's failure, he believes that their greed is to blame.
However, investors lost almost all their savings after stablecoins lost the lock at the beginning of May.
Luna 2.0, the new version of the token, crashed over 80% in the first day.
Co-Founder Dogecoin, Billy Markus, argues that the people who lost everything to LUNA were not the victims, but their families.
Anchor Protocol was attacked and exploited at the launch of Luna 2.0
After Luna 2.0 launched, some lucky users received $800,000 "free" due to a bug in the lending and borrowing platform. Anchor Protocols.
Are known, oracle the price of LUNC (Luna Classic) went up to 5 USD despite the fact being significantly lower. One of the users on the platform of Anchor detected the bug and sent about 20 million tokens Lido Bonded Luna (bLUNA) came to the platform, "turned" into 100 million USD.
Meanwhile, the real value of the deposits is only about 200,000 USD. After noticing the problem, one user borrowed 40 million UST and withdraw it with a whopping $800,000 profit.
Other users also noticed issues with oracle price on the platform and tried to mine it but got an error almost immediately. The platform's team promptly fixed the error and avoided further losses.
Some users even accused Do Kwon himself of "making fat" because he was the only one who could do this on purpose.
The whole market cryptocurrency waited for Luna 2.0 to come out, but Do Kwon's attempt to revive his life ended up being another disaster as the new token lost 70% of its value in the first place. In addition, the event caused more controversy in the community as only a small portion of tokens were opened and selling pressure on the market is expected to be greater.
Traders and investors are still calling for co-founders Terra responsible for the Luna token losing 100% in value and the stablecoin UST losing its peg.