The Terra community and Do Kwon rose to the very best tier of the crypto world due to big-shot buyers, solely to crumble inside a number of days in Might 2022. On Might 7, the worth of the then-$18-billion algorithmic stablecoin UST, which is meant to keep up a $1 peg, began to wobble and fell to 35 cents on Might 9. Its companion token, LUNA, which was meant to stabilize UST’s value, fell from $80 to a couple cents by Might 12. The collapse despatched a shockwave all through the crypto sector, finally resulting in a protracted crypto winter.
- by William M. Peaster 