Terra creator Dogecoin founder Do Kwon says he's heartbroken about his creations' loss

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Terra creator Dogecoin founder Do Kwon says he's heartbroken about his creations' loss

In a recent Twitter post, Terra LUNA USD founder Do Kwon said he is heartbroken about his creations losing all of their value this week.

Kwon, the founder of Terraform Labs, said he spent the last several days calling various community members about the token's value.

Billy Markus, co-founder of Dogecoin DOGEUSD, said Kwon should stop bringing more market issues and leave the industry forever.

It has collapsed this week and traded at $0.0003795 on Sunday.

Kwon mentioned his revival plan and spoke about distributing ownership across the network for UST and LUNA holders.

He said 40% of the new token would be distributed to Luna holders before the de-pegging event, and the remaining 20% will be allocated to Luna holders at the final moment of the chain halt and the community pool.

Kwon stated that the network needs to be reconstituted to preserve the vast ecosystem of developers.

He said that the entire system had witnessed total demise. The network has to be built from scratch.

Kwon hopes to incentivize existing members not to abandon the project completely.