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It blows my mind how someone can lie so brazenly.
Do Kwon talking about LFG on @APompliano's podcast (12:09) - "the [$3b] reserves are being held by a multisig of seven directors" - lie. Luna Foundation Guard members never had access to the funds. Only TFL, and thus Do, did.
Some other highlights from the podcast. "We've created payment companies across Korea like Chai where you can take Terra stablecoins and spend it in many large merchants in the country." Another bold-faced lie. Chai support for Terra ended in 2020. This interview was in 2022.
On other failed algostables (including Basis Cash): "it's sort of a game of musical chairs, where everybody is watching when all the other capital is going to exit." "If a sufficient amount of capital left the system, the entire thing collapses."
Paraphrasing: due to a large number of retail use cases and users, user demand for payments is far less volatile (when compared to DeFi), making retail a perfect "adoption gateway for an algorithmic stablecoin." (Editor's note: sounds like an irresponsible way to source exit liq)
Give it a listen here; it's interesting. It sounds like he's making a massive gamble on a short-term boost in both UST demand and Bitcoin's price at the expense of retail and Anchor depositors.https://podcasts.apple.com/us/podcast/880-the-%2410-billion-stablecoin-bet-on-the/id1434060078?i=1000555093692 …
The latter half of the conversation is a sobering and lucid (tacit) revelation of exactly how underbacked UST is and how easy it might be to break it. I wouldn't be surprised if initial plans for the peg attack started when a fund manager listened to this podcast.
The "reserves" can be easily bought back.
This seems criminal in my opinion
Welcome to Crypto. The asset class by, for, and of criminals. Make what you can.
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