[Proposal] Vote No on any proposal from Do Kwon until he does right by UST holders

Do not offer support to Do Kwon’s proposals for a new chain until he proves that he understands that his representations about the safety and stability of UST caused massive harm to many people. The only tangible way to make amends is to offer his own money to help the most vulnerable holders of UST.

When a person causes harm the right thing to do is to try to mitigate it, to help those harmed. If Do Kwon is unwilling to abide by this basic principle, despite having a lot of resources he can use to help UST holders, he is not the kind of person we should trust, listen to, or follow in any new endeavors.

Why am I specifically talking about UST holders? Because I agree with Fatman and others who point out that LUNA was a speculative asset, there weren’t any promises or representations about the “correct” value of LUNA. With UST, there were, that was its whole point and that’s what attracted so many people to Terra, allowing Do Kwon to build his personal wealth.

Why am I only talking about Do Kwon? Everything I say here applies, to different degrees, to other people in TFL/LFG, but it most clearly and to the greatest extent applies to Do Kwon.

Specifically, I therefore propose that, before any drawn-out lawsuits take place and before we even entertain any proposals from him for a new Terra project, we allow Do Kwon the opportunity to do the moral thing, to show his understanding of the severe, sometimes catastrophic personal consequences of people relying on what turned out to be broken promises about the safety of UST. It is fair and right that he should do that not just with words, but with tangible actions, by committing some of the money he made from Terra to help people who were terribly hurt by Terra. Until that happens the community should not join him in any new endeavors, so I propose the community votes no on any proposal coming from Do Kwon/TFL and keeps urging him to make amends.


Absolutely right. I think big exchanges like Binance should also take the blame for offering STABLE USD even though it is not STABLE. Or do not write that it is stable, but just an ordinary coin with a CLOSE price to the usd or any other fiat currency.

Is not mandatory for UST holders to accept the “25% deal” of new token. You can choose to hold the debt. The new company still responsible to honour the old debt (What Know call bad debit). How long will take? Don’t know, but if they don’t want to be flooded with lawsuits, a clear plan needs to come out soon.

The bought back a large portion of the UST with the Luna minting (but never clear how much, transparency zero). So the circulating UST is well below the original 11B debt. If they reduce even more with the “25% opt in”, good for Luna.

But then again, you can just choose “no”

1 Like