A video of Terra (CRYPTO: LUNA) founder Do Kwon describing a “kill switch” for Terraform Labs has resurfaced and is going viral on Twitter Inc (NYSE:TWTR)'s social media platform.
What Happened: A large number of conspiracy theories and rumors involving Terraform Labs and founder Do Kwon have emerged since the TerraUS (CRYPTO: UST) de-pegging event earlier this month.
Most recently, comments from the blockchain’s founder Do Kwon in a 2021 interview caused a riot on social media.
Here’s a video of Terra $LUNA founder Do Kwon describing ‘Protocol Armageddon’ – a killswitch to burn all assets and cut all ties in 24 hours. pic.twitter.com/DEmlL3UR06
— The Moon (@TheMoonCarl) May 23, 2022
In the video, Do Kwon talks about a “Protocol Armageddon,” or a kill switch, which would enable Terraform Labs to burn all assets and cut all ties within 24 hours.
“Whenever we feel like we’re no longer in a position to best serve the community, we pull the trigger,” said Do Kwon, at the time.
“That’s just in case things move a little bit faster than we’re anticipating,” he added.
See Also: IS TERRA (LUNA) DEAD?
Although his comments gave rise to much speculation, it is unlikely that this tool was ever employed by Terraform Labs. As some users on Twitter pointed out, 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 Terra Research Forum member FatMan on Twitter.
“Also, dumping the project doesn't magically erase your debts.”
See Also: Terra (LUNA) Founder Do Kwon Faces $78M Fine For Tax Evasion
Price Action: According to data from Benzinga Pro, LUNA was trading at $0.0001704, up 1.90% in the last 24 hours.
Bitcoin (CRYPTO: BTC) was trading at $29,700, up 1.66% and Ethereum (CRYPTO: ETH) was trading at $1,981, up just 0.07% over the same period.
