On May 27, Ben McKenzie, widely known for his role as Ryan Atwood on Fox’s The O.C., expressed his concerns about Terra 2.0, arguing that it will result in even greater misery.
The American actor-turned-crypto-critic slammed major exchanges for allowing the new Luna cryptocurrency to be listed.
Ben Mckenzie tweeted the following:
McKenzie was referring to a Wall Street Journal piece from Friday that featured profiles of people whose personal life savings were lost by the collapse of the high-yield TerraUSD (UST) stablecoin.
Keith Baldwin, a 44-year-old Massachusetts surgeon, was one of the victims of one of the leading Bitcoin projects’ sudden death. Baldwin alleges he was a victim of a start-up named Stablegains, which converted his USDC holdings into UST without his knowledge. The great majority of his money was gone after he rushed to remove funds due to de-pegging.
Despite claiming to be diversifying with USDC, the yield creation software, which offered a consistent 15% APY, went all-in on the Terra-based Anchor protocol. After losing money from consumers, Stablegains is now facing a lawsuit.
Ben Thompson, an Australian investor, had hoped that UST would at least partially recover its peg, only to see it plummet to less than 10 cents.
There is currently a Discord group with around 4,000 individuals looking to get their money back. The mainnet launch of Terra 2.0, a fresh version of the troubled blockchain, is set for this week.
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Read more: Majority Terra investors agrees with revival plan of “Terra 2.0”
