Unfortunately, the Terraform labs CE, Do Kwon’s belief in the crypto did not sound well into the earing of the Twitter community. Do Kwon stated:
“Decentralized networks need decentralized money – obvious today more than ever,”
Following his tweet, the crypto community did not waste time responding to his unpalatable belief, he turned off the comment session, but the member made use of the quote tweet to express their feelings.
The whole scenario burned down to Do Kwon’s attempt at decentralized money which went bad for many and they were convinced that he has defrauded them. The UST which ought to fill the decentralized money gap being supported by Bitcoin reserves caused LUNA and UST holdings held by investors to become worthless overnight. For this reason, Terraform Labs and its CEO are under serious pruning from south Korea and even the US government.
It is good to note that Do Kwon’s statement came after circle, the issuer of USDC stablecoin, blocks all Ethereum addresses related to Tornado Cash, freezing over 75,000 USDC. Following this, is the US penalizing the Ethereum-based cryptocurrency mixer. This move has since been raising the concern of censorship resistance in the crypto sphere.
It is good to know that Tornado Cash was created by Ethereum to add a level of privacy to the blockchain firm.
Ethereum’s Vitalik’s Proposal To Add A Significant Amount Of Privacy To The NFT Ecosystem
As stated by Ethereum’s founder, Vitalik Buterin on his Twitter handle, giving his view on the need for more privacy in sending NFT to Vitalik.eth anonymously to everyone except him.
Although, while a good number of people showed interest in blockchain because of its level of privacy, there are bad eggs that use the advantage to perform all kinds of hacks through the Tornado Cash developed by Ethereum.