The Mysterious Disappearance of LUNA Crypto | Crypto

The Mysterious Disappearance of LUNA Crypto

– The Luna crypto network collapsed in whats considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market.
– There are two stories regarding Luna crypto: the TerraUSD/UST stablecoin and the actual Luna coin. Once Luna and UST crashed, there was a total liquidity crunch in the cryptocurrency space that caused an even more catastrophic loss of value.
– The UST coin was not backed by an actual US Dollar but rather an algorithmic stablecoin. The belief was that Terraform Labs could use clever mechanisms along with billions in Bitcoin reserves to maintain the peg of UST without the backstop of the USD.
– The Luna meltdown impacted the entire cryptocurrency market, which was already highly volatile and experiencing difficulty at the time. Its estimated that the Luna crash ended up tanking the price of Bitcoin and causing an estimated loss of $300 billion in value across the entire cryptocurrency space.
– Do Kwon and five other people are currently accused of violating local market laws. Officials in South Korea seek to revoke Kwons passport as they believe hes currently residing in Singapore.

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