MEDIA: Do Kwon insisted on increasing the profitability of the Luna cryptocurrency token

One of Terra’s main developers said that he warned Do Kwonabout the unstable 20% rate. In an interview with a Korean publication, the programmer said that the main protocol was initially developed at an interest rate of 3.6%, but a week before the launch, it was increased to 20%. This way, the team hoped to attract more investors.

«I didn’t know the interest rate would be so high. It was set only a week before the launch,» explained the developer, who chose to remain anonymous, using the name Mr. B.

Mr. B tried to deal with this issue and communicated with Luna founder Do Kwon before the launch in April 2019. After all, the only guarantee of stability was the 3.6% rate, which took into account the available funds in the accounts.

«Shortly before the launch, I suggested to the CEO that he lower the interest rate to the original one, but he didn’t want to listen,» the developer said, adding that after this conversation, he was 100% sure that Luna was going to fail.

It is because of the fall of bitcoin and the UST stablecoin that South Korea will create a Virtual Asset Watchdog, which will publish recommendations on listings, unfair trading, the nuances of information disclosure, and investor protection issues.