The Terra network and Do Kwon rose to the highest tier of the crypto world thanks to big-shot investors, only to fall apart within a few days in May 2022. On May 7, the price of the then-$18-billion algorithmic stablecoin UST, which is supposed to maintain a $1 peg, started to wobble and fell to 35 cents on May 9. Its companion token, LUNA, which was meant to stabilize UST’s price, fell from $80 to a few cents by May 12. The collapse sent a shockwave throughout the crypto sector, eventually leading to a prolonged crypto winter.
Related posts
-
Judge Rules Craig Wright Lied ‘Extensively,’ Committed Forgery in Bid to Claim Satoshi Identity
On May 20, 2024, a ruling was delivered by... -
Nigerian Securities Regulator: Crypto Exchanges Complying With Naira Delisting Directive
The Nigerian Securities Regulator has stated that cryptocurrency exchanges have complied with a directive to remove... -
French Securities Regulator Warns Investors Against Crypto Exchange Bybit
The notice appears to hint at a possible coming enforcement action against the platform, reminding investors...