Tether (USDT) CTO Paolo Ardoino spoke about the disaster surrounding Terra's algorithmic stablecoin system in an interview .
"It was like a house of cards that could collapse at any time, a bad idea," said Ardoino. He accuses Terra's founder, Do Kwon, of "arrogance".
Tether is the first and most popular stablecoin in crypto. The project itself is suspected of crashing in a crisis due to lack of reserves .
After algorithmic stablecoin TerraUSD (UST) lost its dollar peg last week, the Terra ecosystem collapsed. You can find out all the background information here .
The LUNA token is now only worth fractions of a cent.
The blockchain had to stop operating for a short time .
The community voted against a possible hard fork to the rescue .
In South Korea, legal action is now being taken against the Terra founder. He is threatened with confiscation of his property.
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