I think that was booth.

Do Know it was greedy, thinking he discovered a new concept that would never have failed, even when some people started to talk how UST can be "easily" depegged and start a death spiral.
LFG used VC initial investment to create a FOMO around Luna and UST that attracted a lot of users to invest on it.

The Incompetence part it was the fact that they allowed UST create more than 100% LUNA debt and when the crash started the "solution" it was not allowing more LUNA to be printed making LUNA supply over 7 trilions.

Since they are not a decentralized project, when the UST depegged started they should take more quick actions to repeg the UST and don't let this death spiral continues.