Do Kwon and Nguyen Thanh Trung's Crisis Handling

 Because Terra's Kwon and Axie Infinity's Nguyen Thanh Trung both had problems that caused











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DigitizationTechnologyCharacterWed, May 25, 2022, 09:30 (GMT+7)
Do Kwon and Nguyen Thanh Trung's Crisis Handling
Because Terra's Kwon and Axie Infinity's Nguyen Thanh Trung both had problems that caused volatility in the cryptocurrency market, but had different solutions.

Do Kwon and Thanh Trung have a lot in common. Both are founders of billion-dollar blockchain projects, building products in 2018 during the darkest market period. By 2021, at the age of 30, both Kwon and Trung are in the top 10 most influential people in crypto, according to CoinDesk. In 2022, both projects encountered problems with the most serious impact ever.

The hack into the Ronin network of Axie Infinity took place in late March, when lax management of validator nodes caused more than $600 million in cryptocurrency to be stolen, impacting the GameFi industry and causing the project's token price to drop by thousands. ten percent. A month later, two digital currencies, Luna and UST developed by Kwon, also became a disaster, contributing to the value of the entire market dropping hundreds of billions of dollars, many investors lost everything.

Binance currently holds a large trading volume of the aforementioned tokens. In a post on May 13, CZ criticized Terra, and implied that this project needs to learn from Axie Infinity in how to handle it. "I'm disappointed in how Terra's UST/Luna was handled (or not handled at all)," CZ wrote. "So far, we haven't received any positive feedback. This is in stark contrast to Axie Infinity. The team has done its part, put in place a plan, and actively contacted us." .

CZ admitted the tweet "broke the rule of neutrality and did not comment on the project", but it was something he needed to do to protect users and industry colleagues.
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