Unstable Stablecoin: TerraUSD Nosedives, Luna Loses 98% Of Its Value

Forbes

Do Kwon, co-founder and chief executive officer of Terraform Labs, in the company’s office in Seoul, … [+] South Korea, on Thursday, April 14, 2022. Kwon is counting on the oldest cryptocurrency as a backstop for his stablecoin, which some critics liken to a ginormous Ponzi scheme. Photographer: Woohae Cho/Bloomberg

© 2022 Bloomberg Finance LP

The last 24 hours have been some of the most dramatic that we’ve seen in crypto in a long time. It does not come close to March 16th 2020 at the outset of the pandemic, but it was captivating to watch what the outcome would be with UST UST .

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Learn more about this from Steven Erlich, the Director of Research at Forbes Digital Assets:

MORE FROM FORBESTerraUSD Troubles + Exclusive Ethereum Interview

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Author: Meg Christensen, Forbes Staff


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