LUNA Debacle: A Planned Attack or an Imperfection in the System?

Written by dankhomenko | Published 2022/06/06
Tech Story Tags: cybersecurity | twingatehq | terra-luna | crypto | cryptocurrency | algorithmic-stablecoins | stablecoin | hackernoon-top-story | hackernoon-es | hackernoon-hi | hackernoon-zh | hackernoon-vi | hackernoon-fr | hackernoon-pt | hackernoon-ja

TLDRWithin just a couple of days, the price of LUNA crashed from above $83 to almost zero, and an algorithmic stablecoin of the ecosystem called UST lost its peg to the US dollar. This event shook the cryptocurrency market and pulled the prices of all cryptocurrencies down. Even USDT which is backed by USD and securities was traded at a rate slightly lower than 1 USD for a while. But while USDT recovered rapidly, UST after a short improvement continued its freefall.via the TL;DR App
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Written by dankhomenko | Forbes “40 Under 40” Top Visionary. Co-founder & CEO at Sidus Heroes.
Published by HackerNoon on 2022/06/06
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