A view of the Austin Convention Center, Texas, USA / Photo = Reporter Lee Young-min
“Are you Korean? Do you know Do Kwon (CEO of Terraform Labs, Kwon Do-hyung)? (Oh, are you Korean? do you know Do Kwon?)”
On the morning of the second day of Consensus 2022, the world’s largest virtual asset (cryptocurrency) event on the 10th (local time), on the way from the hotel to the Austin Convention Center, where the event was held, a familiar name was heard in the taxi on the way. It was the moment when I realized that Kwon Do-hyeong, CEO of Terraform Labs, joined the ‘Do you Know Club’ in a bad way after the Terra-Luna blockchain collapse.
Taxi driver Lucas said, “As a blockchain lover, this situation is very unfortunate. However, since blockchain is a newly opened market, fatal failures can always occur, and I believe that we will continue to grow based on this.”
After talking with Lucas about this and that, I arrived at the event in no time. From the second day of the event, booths of participating companies were opened. Various participants were enjoying the events held at each corporate booth, but only the faces of those involved in the domestic project were not so bright.
Booth event view / Photo = Reporter Lee Young-min
“We have been meeting with investors from the first day of the event, but the results are not very good,” said A, a domestic project official. “He said.
Another official, Mr. B, said, “The atmosphere is serious. I can’t erase the feeling that even decent projects are treated as cheap ‘Luna Coins’. I feel like a criminal.”
In fact, overseas virtual asset industry officials agreed that it is a cautious situation to proceed with investment and partnership with Korea-based projects after the collapse of the Terra blockchain.
An official from Huobi Labs said, “It is true that there has been a tendency to hesitate to invest in Korean projects after this incident. It will take quite a long time to restore the lost trust.”
Beam Li, manager of virtual asset venture capital (VC) JSquare, said, “There is also the aftermath of the Luna incident, but there are still legal risks related to P2E in the Korean market. However, venture capitalists Because it is considering investment by focusing on the growth and product of the company, any project with real value will be able to survive enough,” he predicted.
Lindsay Mersino of BitcoinIRA, a virtual asset retirement pension (401k) manager, said, “The Terra blockchain collapse has saddened many people in the blockchain industry. As trust collapses, it seems that projects that conduct business in the Korean market have also been adversely affected.”
The aftermath caused by the ‘Luna incident’ showed no signs of subside easily abroad. Rather, it was squeezing the domestic industry in a double or triple way. The number of Koreans who came to Austin, the US to participate in the ‘Consensus 2022’ event, which attracted tens of thousands of global blockchain industry officials, was 227 (coindesk official count). As soon as the words “I’m from Korea” were brought out, the shoulders of those who turned their business cards while trying to ignore the cold gaze seemed particularly heavy.
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Austin (Texas, USA) = Reporter Lee Young-min Bloomingbit 20min@bloomingbit.io
