Cancel Kwon, Save the People - UST holders must be a priority

Hi All

I come here with my thoughts on this current fiasco.

Fundamentally Terra/Luna was flawed and unfortunately Billions of dollars have been lost.
Do Kwon was a great hype-man, and did well shilling Terra, but I believe his actions since the de-peg event has shown that he is not fit to be CEO.
Kwon; hasn’t taken responsibility for the havoc that’s he’s created, lacked ability with his attempt to preserve the peg whilst also draining the reserves, and hasn’t shown empathy to UST holders which is shown by his lack of effort to put them right and his lifeless revival plan.

CZ and Vitalik Buterin have publicly supported proposals to support the average UST holder.

Hundreds of thousands of people put their savings into a blue-chip, multibillion dollar, ‘gold-standard’ crypto savings, ‘stable coin’, which crumbled whilst Kwon posted ‘hang tang’ and LFG and insiders likely knew reserves were depleted.
Retail investors have taken devastating losses, it should be a priority to compensate these users.

How do we move forward in this effort to compensate UST holders (prior to the de-peg event), without any reserves?

Step 1; Get the data required to know exactly how much it would cost to compensate users up to a selected amount and what effect this would have.
For example: To compensate users up to $50K; it would cost $1B, 80% of users would be made whole and 95% of users would be compensated at least 50%.
This will be a a difficult task as I believe it’s important to include those holding UST on exchanges as well as on different chains; I’m sure these teams would be happy to help with the data.

Does anyone have this data?

Step 2; Use the above data to decide how much funds to raise and how they will be raised.
It seems there’s very little in the reserves and there’s been very little mention from Kwon or LFG about funds available to compensate UST holders.
A bail-out is unlikely as it is unfair to expect external parties to put up such large amounts of capital for the sake of goodwill. However there’s a lot of support for this and there’s a slightly higher chance if the bail-out can be written off as a tax expense.
Luna fork, where capital raised is used to compensate UST holders. But in order for this to happen, I believe it is important that Kwon is removed as CEO of Terralabs and necessary fundamental changes are made. This isn’t something that should be rushed.

Step 3; Put the right people in place to make it happen.

White Knight


Fixing ust bad debt is impossible. Where is the incentive? There is none.

I would buy and lock $500k+ worth of BNB for 5 years if CZ helped get me back my >1m UST. He could actually make a lot of money off this in the medium to long run if he played it smartly.

The more I look at it, the less destructive his plan to Hard Fork is, PROVIDING…

…we have a new team to take the lead. He can do whatever he wants with the new coin as I firmly believe the real value is in the current one which includesUST and the best crypto community in the world.

My team with My plan can achieve what Do Kwon seems unwilling to do.

My plan summary:

One should not be prioritized more than another, those who have Luna should also be treated equally.