As LUNA falls, there will inevitably be lawsuits and criminal prosecutions against creator Do Kwon, davidzmorris writes.
All of those entities should take time in the coming days to address their involvement in the project, whose fundamentals were so questionable it could become a black eye not only for its founder but for the crypto industry. Some backed Terraform Labs – the development team that built Terra-based tools and applications like the Mirror and Anchor protocols – rather than Luna/UST specifically, and should defensively clarify that if so.
Occam’s razor suggests some big-name investors weren’t necessarily driven by Terra’s fundamentals. Notoriously, discounts for early backers and short lockup periods can mean venture capitalists make plenty of money even when a crypto project fails. And even if these funds did in some sense believe in the project, that faith might have been premised more on Kwon’s blustering, made-for-2022 persona than on Terra’s technological potential.
That raises a final possible parallel to Holmes: Some have made the argument that she was to a degree herself a victim of the Silicon Valley funding machine. Some venture capitalists, the logic goes, saw the marketing potential of her story and image, but avoided scrutinizing her abilities and ideas. As dramatized in the Hulu series “The Dropout,” this made Holmes little more than a tool for generating alpha, to be cast aside if and when anything went wrong.
For professional investors who were truly taken in by Do Kwon – his grandstanding, his anger and all the rest – it may be time for even more serious self-reflection.
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