A video of Terra LUNA USD founder Do Kwon describing a kill switch for Terraform Labs has surfaced and is going viral on Twitter Inc TWTR's social media platform.
A large number of conspiracy theories and rumors about Terraform Labs and founder Do Kwon have emerged since the TerraUS UST USD de-pegging event earlier this month.
Most recently, comments made by Do Kwon in a 2021 interview caused a riot on social media.
In the video, Do Kwon talks about a Protocol Armageddon, or kill switch, which would allow Terraform Labs to burn all assets and cut all ties within 24 hours.
Do Kwon said whenever we feel like we are no longer in a position to serve the community, we pull the trigger.
That is just in case things move a bit faster than anticipated, he said.
See also: IS TERRA LUNA DEAD?
It is not likely that this tool was ever employed by Terraform Labs, despite his comments giving rise to much speculation. Some users pointed out that this measure was likely in place to remove Terraform Labs ability to control Terra and further decentralize it in the event that regulators came after the entity.
As an afterthought, I don't think this is necessarily malicious - it could just be an additional decentralization measure - but it points to a certain level of planning surrounding what's been happening this week, wrote FatMan on Twitter.
See also: Terra LUNA Founder Do Kwon faces $78 M fine for tax evasion.
Price Action: LUNA was trading at $0.0001704, up 1.90% in the last 24 hours, according to data from Benzinga Pro.
The BTCUSD was trading at $29,700, up 1.66%, and the ETHUSD was trading at $1,981, up just 0.07% over the same period.