Terra Is as Bad as MT.gox Says Avalanche Founder

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Avalanche founder Emin Gün Sirer compared the seriousness of the Terra crash to the Mt. Gox breach in a recent interview with Forbes. He is concerned that an incident like this may lead to increased regulatory scrutiny.

The Terra ecosystem collapsed earlier this month, with the LUNA token plunging to zero after the UST stablecoin was de-pegged.

After a catastrophic attack, Mt. Gox, the largest crypto exchange at the time, went bankrupt in February 2014, causing a dramatic decline in the price of Bitcoin.