According to Paolo Ardoino, CTO of Tether and Bitfinex, the Terra (LUNA) project is not about Rug Pull but is "badly designed." When discussing the collapse of the Terra ecological market, Ardoino likened the Terra algorithmic stablecoin TerraUSD (UST) to a "castle of cards" that could collapse. Ardoino said, "I don't know Do Kwon. But let's give him the benefit of the doubt. He created this project with arrogance and with thinking that he was right and many were supporting him, of course, probably for economic reasons, but was not per se, a rug pull right, it was a project that was poorly designed as many projects are poorly designed." Ardoino said UST has grown too large to remain pegged because its collateral is insufficient to back the stablecoin but still "Big enough to crash the market even further."