THE HASH: Terraform Labs CEO Do Kwon’s History Behind Another Failed Stablecoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 May 2022
⏱️ 22 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Wednesday, May 11, 2022.
On today's episode of "The Hash," our panel of experts tackles the hot topics of the day. UST and Luna continue to be in turmoil, and now ex-Terra colleagues are saying that Terraform Labs CEO Do Kwon was also behind the failure of another algorithmic stablecoin. Coinbase shares are sinking after its first-quarter earnings report and outlook. We'll have all the latest on these stories and more.
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This episode has been edited by Michele Musso. Our Executive Producer is Jared Schwartz Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:09.4 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, with stories that matter to the crypto world. |
| 0:16.8 | All on the hash for your ears. |
| 0:19.9 | You're listening to the Coin Desk Podcast Network. |
| 0:24.6 | Hello, everyone, and welcome to The Hash on Coin Desk TV. If you are listening to us, you are |
| 0:30.2 | listening on the Coin Desk Podcast Network. I'm Jensenassie, and I'm joined by Zach Seward and |
| 0:36.4 | Will Foxley. |
| 0:38.3 | Zach, you're kicking us off on this UST story that in true crypto fashion just is taking |
| 0:44.3 | every twist and turn that we could possibly imagine. |
| 0:47.3 | What do you got for us this morning? |
| 0:49.3 | The crypto world is captivated by the Terra story. |
| 0:53.3 | That is for sure. The native asset of the Terra |
| 0:55.2 | blockchain Luna down bad, real bad over the last couple days. We're talking about a 90 plus |
| 1:03.1 | percent fall over the last 24 hours, which is really, really remarkable. This after a crisis |
| 1:09.2 | of confidence in UST, the algorithmic stable coin that is |
| 1:14.2 | wedded closely to the fate of Luna, slipped off its peg in dramatic fashion, dropping below, |
| 1:19.8 | I think it was 30 cents earlier today, now hovering around half a buck. So pretty crazy stuff |
| 1:26.5 | going on in the world of terror right now, and the |
| 1:28.5 | crypto market is watching rapidly. CoinDesk was also able to report an interesting little nugget |
| 1:34.2 | this morning about Terraform Lab CEO Doquan. According to ex-colleges, he was behind another |
| 1:41.4 | algorithmic stable coin experiment called Basis Cash, which launched in 2020 and |
| 1:46.1 | didn't really ever get off the ground that much. So the dream of an algorithmic stable coin was |
... |
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