One Man Triggered A Panic - The Rise And Fall Of Terra/Luna
Read summaryTerra Luna was a crypto project that aimed to create a stablecoin ecosystem 🌐 but ultimately failed in May 2022, losing billions 💸 The system used mechanisms like pegging, arbitrage, burning, and minting to maintain USD stability 📉 However, a mass sell-off caused a collapse, leading to a loss of $40 billion in market value 📉 This event raised concerns about algorithmic stable coins and the overall crypto market 🔐 After the collapse, dQuan and terraform Labs faced legal scrutiny and investigations 🕵️♂️Authorities are looking into possible fraud and real estate purchases 🏠 DWan's situation continues to evolve 🔍
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