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The CEO of Kraken defends the listing of LUNA 2.0

Jesse Powell of Kraken was chastised for listing the second-generation LUNA, and he also slammed TradeFi’s crypto exchange claims.
Emotions are running high during the crypto winter. Kraken CEO Jesse Powell was chastised for defending the listing of the new LUNA, also known as LUNA 2.0, which tries to resurrect the previous LUNA—now known as Luna Classic (LUNC)—and TerraUSD — now known as TerraUSD Classic (USTC).

Respected names in the crypto sector, such as Nic Carter of Castle Ventures, spoke out against the decision, while Powell lashed out at short-seller Jim Chanos, who had amassed a significant short against Coinbase, Kraken’s main competitor, in a separate tweet thread.

Carter merely tweeted “why” to the official Kraken Twitter account, which announced the new LUNA listing.

Kraken, the world’s fourth-largest cryptocurrency exchange, supports over 160 coins. Every month, the list expands, from Bitcoin (BTC) to Filecoin (FIL) to the second iteration of LUNA, which is presently ranked 164th on its price index.

Terraform Labs founder Do Kwon liquidated two branches and an entire firm days before the disaster, causing suicide hotlines to be pinned to the Terra subreddit.

The project was subsequently hard-forked and relaunched with little to no compensation for the project’s impoverished investors. An airdrop, for example, did not go as planned because tokens were distributed unevenly. Despite a 90 % price increase fueled by a Binance airdrop, the new LUNA has fallen from nearly R310,63 highs to less than R124,25.

Powell claims that the listing of LUNA was motivated by “client demand.” Rohan Grey, an assistant professor of law at Willamette University, criticized Powell’s move, noting that just as eBay does not allow fraudsters to remain on the e-commerce platform, crypto exchanges should not allow Terra a seat at the table. The remark was a retort to Powell’s argument about Kraken:

“We’re a marketplace, like eBay.” BTCBTC traders do not pay the bills.”
Powell’s operations have already demonstrated a decisive side, including closing Kraken’s global headquarters because “San Francisco is not safe.” However, when it comes to money and Kraken, he wrote, “We try to be as asset-agnostic as possible.

“Fiat and most stocks are garbage, but where’s the outrage?” Revenue from these other coins pays for all the security, pro-BTC lobbying and marketing. ”
In response, Kraken defended the future of cryptocurrency exchanges in a different Twitter discussion. On the Crypto Critics Corner podcast, Chanos, an American investment manager, outlined his short position against Coinbase, America’s largest crypto exchange. According to Powell, there will be a “paradigm shift over the next 10 years,” with crypto exchanges emerging as winners.
Aside from infighting and Twitter spats, for those seeking a signal among the war of words, Powell offered his investment preferences for selecting Bitcoin, investing in exchanges, or both:

The CEO of Kraken defends the listing of LUNA 2.0

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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