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Terra 2.0 Will Cause More Suffering, Says "The O.C." Star

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Fri, 05/27/2022 - 15:02
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Alex Dovbnya
Crypto critic Ben McKenzie claims that Terra 2.0 is just another Ponzi that will lead to even more suffering
Terra 2.0 Will Cause More Suffering, Says "The O.C." Star
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Ben McKenzie, who is best known for portraying Ryan Atwood on the Fox television series The O.C., voiced his concerns about Terra 2.0, claiming that it will cause more suffering.

The American actor-turned-crypto-critic criticized major exchanges for supporting the listing of the new Luna token.

McKenzie referred to a Friday article published by The Wall Street Journal, which features profiles of some people whose personal life savings were depleted by the collapse of the high-yield TerraUSD (UST) stablecoin.

Keith Baldwin, a 44-year-old surgeon from Massachusetts, was among those who were affected by the quick demise of one of the top cryptocurrency projects. Baldwin was the victim of a start-up called Stablegains, which he claims converted his holdings from Circle's USDC into UST without him knowing. After rushing to withdraw funds due to de-pegging, the vast majority of his savings were gone.

The yield generation app, which offered a stable 15% APY interest, recklessly went all-in on Terra-based Anchor protocol despite claiming that it was using USDC for diversification. Now, Stablegains is facing a lawsuit after losing customers' money.

Ben Thompson, an investor from Australia, was waiting for UST to at least partially recover its peg only to witness its complete collapse to less than 10 cents.

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There is now a Discord group with roughly 4,000 members who are seeking to recover their losses. Terra 2.0, a new version of the embattled blockchain, is scheduled to have its mainnet launch.

As reported by U.Today, many industry members have expressed skepticism over the project's rushed revival.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.