'The fallout has just started,' Bybit_Official's N_th4n writes. But there's hope yet for crypto. Opinion.
"But they, our ancestors, became arrogant and stiff-necked, and they did not obey your commands. They refused to listen and failed to remember the miracles you performed among them. They became stiff-necked and in their rebellion appointed a leader in order to return to their slavery.”
Due to its algorithmic design, UST has a price that moves in sync with the price of Terra’s native cryptocurrency LUNA. The bank run that disentangled UST’s peg to the U.S. dollar also collapsed LUNA’s price, which crashed over 99% in two days to less than a cent. Earlier this year, UST and LUNA had a combined market cap of $60 billion, and now it’s under $7 billion.
Indeed, Kwon took a multimillion-dollar bet on the price of LUNA, said rival stablecoin DAI would “die by my hand” and called a critic a slur for someone with diminished mental capabilities for pointing out vulnerabilities in UST’s design.
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