Founder of Avalanche: Terra is as bad as Mt. Gox

Emin Gün Sirer believes that the collapse of Terra is worse than the DAO hack.

During a recent interview with Forbes, Emin Gun Sirer compared the Terra crash to the Mt. Gox hack. He fears this type of event will lead to increased regulatory scrutiny.

The Terra ecosystem was headed for collapse earlier this month when the LUNA token crashed to zero after the UST stablecoin was de-pegged.

Mt. Gox, which used to be the largest crypto exchange, went bankrupt in February 2014 after a massive hack, resulting in a huge Bitcoin price crash.

However, he also admits that at some point Avalanche was hampered by LUNA's rapid growth as a lot of money was withdrawn.

The rise of LUNA also led to the emergence of some imitators who also wanted to have such a success.

Avalanche then decided to partner with Terra, which proved to be obviously problematic.

He admits that the Avalanche Foundation also lost money as a result. However, he emphasized that this is not a problem for the Foundation as a whole. The Luna Foundation currently holds around USD 60 million. Even if all the coins were to be sold at once, the sale of the token would not be significantly impacted as the trading volume is much higher.

The Terra team has confirmed that it has not sold its AVAX tokens.

The Avalanche Foundation has always been aware of the risks associated with algorithmic stablecoins, but still chose to partner because it could yield significant results.

Terra founder Do Kwon has compared the project's demise to the DAO hack that caused an existential crisis for the Ethereum network

The founder of Avalanche is convinced that it is much more significant than the DAO hack.

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