Tether CTO: Terra wasn’t a rug pull, it was a poorly designed ‘castle of cards’

3 years ago

“It was clear to me, it was clear to many that I know that it was a bad idea,” said Tether and Bitfinex CTO Paolo Ardoino.

Tether and Bitfinex CTO Paolo Ardoino said that the Terra (LUNA) project was not intended to be a rug pull, but was simply “poorly designed.”

Speaking on the Terra ecosystem’s market-shattering crash, Ardoino likened its algorithmic stablecoin TerraUSD (UST) to a “castle of cards” that was due to fall at any time.

Many in the crypto community have highlighted a long list of dubious comments/actions from beleaguered Terraform Labs founder Do Kwon that raise questions about his actions. It has also been reported that Kwon also worked on a previously failed algo-stablecoin project dubbed “Basis Cash.”

Ardoino made the comments during an appearance on the Reimagine Unplugged podcast this week, from Reimagine, a media company that focuses on Web3 content and events. The CTO stated that a big problem was with Kwon’s misguided sense of self belief:

“I don't know Do Kwon. But let's give him the benefit of the doubt. He created this project with arrogance and with thinking that he was right and many were supporting him, of course, probably for economic reasons, but was not per se, a rug pull right, it was a project that was poorly designed as many projects are poorly designed.”

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