Kevin Zhou of the crypto hedge fund Galois Capital warned the industry about the Terra implosion.
Hacks, scams, ponzis, rug pulls and crashes are known concerns in the crypto world. And yet, the recent collapse of the Terra ecosystem and its UST stablecoin seems different.
Terra was pitched as an important experiment — an attempt to create a stablecoin pegged to the US dollar without relying on traditional financial securities or overcollateralized crypto assets as reserves. Its sudden breakdown puts that idea in doubt, and one of its loudest critics is claiming victory.
Meet Kevin Zhou, the co-founder of crypto hedge fund Galois Capital. For months, he strenuously warned about the risks of Terra, saying it may pose a “systemic risk” to the entire crypto space.
From today's story
“Most of the time if you can't find where the yield is coming from, then effectively it's coming from future bag holders.”
— Kevin Zhou
Co-founder of crypto hedge fund Galois and one of Terra’s most outspoken critics
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