Jesse Powell, the CEO of Kraken, is facing harsh criticisms for defending the introduction of LUNA 2.0 after the disastrous tragedy of LUNA. The aim behind LUNA 2.0 is the revival of the original LUNA, also known as TerraUSD or LUNC (Luna Classic). Many crypto experts and famous players have criticized Powell’s stance on the issue as the traders have still not recovered from the shock of the original LUNA’s demise.
The Controversy Surrounding LUNA 2.0
The debates, discussions and arguments around this subject turned ugly on Twitter. Nic Carter, from Castle Ventures, criticized Powell for their decision to launch LUNA 2.0. To express his sentiments, Carter made a brief but strong remark by commenting “Why” on the tweet by the official Kraken Twitter account.
In response to Carter’s comment, Jesse Powell typed a long answer. Powell put the blame on the demand of the client, citing low switching costs and capital consolidation as benefits.
About Kraken and LUNA Crash
Kraken is the fourth largest crypto exchange in the world. It has a list of around 160 digital assets. This list keeps on growing. Currently, LUNA 2.0 is on the 164th position on the price index. Other digital assets on Kraken’s list are Filecoin (FIL) and Bitcoin (BTC).
During the first LUNA crash, approximately $50 billion was lost. Investors all over the world had begun to panic. Amid all the terror, some legal documents surfaced claiming Do Kwon (Founder of Terraform Labs) liquidated a whole company along with two branches. According to the document, this liquidation happened a few days before the crash.
