Avalanche founder believes Terra incident is as Bad as Mt. Gox - Aliens: AI Crypto News & Markets Updates




Avalanche founder believes Terra incident is as Bad as Mt. Gox


Fri, May 20, 2022

Avalanche founder Emin Gün Sirer said in an interview that the Terra incident was as serious as or worse than the Mt. Gox hack, which he fears would lead to more regulatory scrutiny. He admits that Avalanche was once held back by LUNA's rapid growth as LUNA attracted a lot of money. Emin Gün Sirer admitted that Avalanche caused some losses in the Terra incident due to Avalanche's previous partnership with Terra. But it did not disclose the specific amount of losses.

Mt.Gox, located in Tokyo, Japan, was once the largest bitcoin exchange in the world, carrying more than 70% of bitcoin transactions at its peak, but went bankrupt in 2014 after a large-scale hacking attack.

Previously, Avalanche officially stated that LFG and Terraform Labs currently hold about 3 million AVAXs in total. In view of the Terra chain fork proposal, LFG has not disclosed plans to use AVAX. If there are any plans to sell LFG reserves, the Avalanche Foundation is ready to work with LFG to develop a sound trading strategy.

Source: U.Today

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