The people behind the Terra stablecoin are trying to make a new currency, even though the dust hasn't settled from the crash.
Well, sort of. Terra 2.0 is coming after a majority of investors voted to create a new blockchain that will use the exact same name, according to the official Terra account.
The Terra stablecoin and its sister coin, Luna, plummeted in value to almost nothing due to a crisis of investor confidence.
Let's see how this one goes, huh?
While Terra and its founder, Do Kwon, talk about regaining investor confidence, he framed it as a chance to rise up again from the ashes.
The founder of another failed stable coin, called Basis Cash, got wrecked in a similar way to Terra when itsUSD-backed value also dropped below one dollar.
South Korean criminal and financial investigators are looking into him. Though he maintains that neither he nor his company, Terraform Labs, have benefited financially from the Terra crater, he did joke that he finds entertainment in watching companies die and that he loves chaos.
Terra investors may be trying to recover their losses, but they may be better off cutting and running because of the history surrounding the coin's founder.
Terra is going to create a new block after the historic Luna collapse.
Bankrupt investor was arrested for showing up at the founder's house.
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