Notably, Kwon is at the center of allegations of engineering the Terra ecosystem crash that resulted in significant losses alongside contributing to the ongoing crypto bear market. According to Buterin, if governments attempting to establish crypto hubs become too friendly to the sector, they can accidentally attract players with bad intentions for the industry, he said in an interview with Strait Times on November 20. Notably, Buterin cited the case of Singapore, where Kwon resided before becoming a fugitive in the wake of Terra’s collapse.
Buterin’s contention with El Salvador’s Bitcoin adoption
Furthermore, Buterin took issue with El Salvador’s Bitcoin (BTC) adoption, stating that it is unsustainable. Additionally, Buterin highlighted the importance of taking a balanced cryptocurrency regulation approach while hailing the Monetary Authority of Singapore.
Buterin’s take on Terra collapse
Previously, Buterin claimed that before the Terra crash, Do Kwon and his team allegedly used market manipulation to pump up the network’s native token. Interestingly, the Ethereum founder stated that the Terra situation indicates that the decentralization concept only solves some problems. He believes that a great idea with poor execution is similar to the Terra case. Besides the Terra crash, the FTX cryptocurrency exchange collapse has hit the market. At the same time, FTX’s former CEO, Sam Bankman-Fried, is facing accusations of misappropriating customer funds.
