[WORD_ON_THE_WEB] 'He's taking none of his responsibilities seriously'

Kwon Do-hyeong, CEO of Terraform Labs, has announced his plans to revive Terra, the controversial stable coin.

Kwon Do-hyeong, CEO of Terraform Labs, has announced his plans to revive Terra, the controversial stable coin.

As a result, the cryptocurrency is yet again at the center of attention.

Kwon, arguing that Terra is worth salvaging, revealed his plans to create a new network using the Terra blockchain.

He promised to distribute the new tokens to stakeholders, including users and Terra holders who still own the coin.

This will be possible by forking the Terra blockchain into a new chain, he says.

Kwon wrote in a post he made on Timeline, a research forum for Terra, that a governance vote on the issue will take place on May 18.

He also announced that the new network will be available on May 27, after the necessary developer register is completed on May 25.

#irresponsibile “He’s so arrogant. He’s taking none of his responsibilities seriously.” “This sounds like he’s aiming for another quick buck. That’s killing the victims of the coin twice.”

#not_a_viable_solution “How is copying code from a dead currency a plausible plan for revival?” “This is a textbook Ponzi scheme, he’s planning to copy and paste money from the newer investors to fill in for the existing investors.”

#change_of_system “People like him succeed because there are no laws to restricting such behavior. We need systematic countermeasures.” “He’s trying to make another quick buck because no laws are stopping him. We should promptly establish a legal boundary.”

BY LEE SI-YEOUNG, YOO JI-WOO [yoo.jiwoo@joongang.co.kr]