FTX founder SBF said on social media that LUNA is a case of popular enthusiasm and excitement. Marketing and Meme drive people to believe something false, but this is not the same as Theranos, the blood testing company founded by the female version of Jobs Elizabeth Holmes. Defrauding investors is not the same.
SBF said that LUNA/UST is bad, but its mechanism is very transparent and has not been misinterpreted. Do Kwon does not claim that UST is backed 1:1 by the US dollar, and clearly states that UST is backed by a bunch of volatile assets.
In addition, the SBF also emphasizes that most bad investments are not Ponzi schemes, some are fraud, some are bad luck, and some are in between. Investments that have lost more than 50% since the beginning of the year: Netflix, LUNA, AMC, and the ARK Innovation ETF (ARKK).