Kraken CEO defends listing LUNA 2.0: ‘Bitcoin traders don’t pay the bills’

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Kraken CEO defends listing LUNA 2.0: ‘Bitcoin traders don't pay the bills’

Kraken’s Jesse Powell came under fire for listing the second-generation LUNA; separately, he railed against TradeFi’s crypto exchange claims.

Kraken CEO defends listing LUNA 2.0: ‘Bitcoin traders don't pay the bills’

The crypto winter has emotions running high. Kraken CEO Jesse Powell came under fire for his defense of listing the new LUNA, also known as LUNA 2.0, which seeks to bring the original LUNA — now known as Luna Classic (LUNC) — and TerraUSD — now known as TerraUSD Classic (USTC) — back from the dead.

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

Carter simply tweeted “why” to the official Kraken Twitter account that announced the listing of the new LUNA.

The world’s fourth-largest crypto exchange, Kraken lists over 160 cryptocurrencies. The list grows every month, from Bitcoin (BTC) to Filecoin (FIL) to the second iteration of LUNA, which currently sits 164th on its price index.

The first Terra collapse wiped out circa $50 billion, causing suicide hotlines to be pinned to the Terra subreddit, while legal documents reveal Terraform Labs founder Do Kwon liquidated two branches and an entire company days before the crash.

The project was then hard-forked and relaunched with little to no recompense for impoverished investors. An airdrop, for example, did not go how the developers intended, as tokens were unevenly distributed. The new LUNA has since slid from highs of almost $20 to less than $8, despite a 90% spike in price driven by a Binance airdrop.

Price chart for LUNA showing the Binance pump on May 30. Source: CoinMarketCap

Powell cites that “client demand” motivated the listing of LUNA. Rohan Grey, an assistant professor of law at Willamette University, called Powell out on the move, arguing that eBay does not allow fraudsters to remain on the e-commerce platform, so why should crypto exchanges allow Terra a seat at the table? The comment was a quip to Powell’s claim about Kraken:

Infighting and Twitter spats aside, for those seeking signal among the war of words, Powell shared his investment preferences for picking Bitcoin, investing in exchanges, or both:

Kraken did not immediately respond to Cointelegraph’s request for comment.

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