Some investors got rich before a popular stablecoin imploded, erasing $60 billion in value

In May, the collapse of one of the most popular U.S. dollar-pegged stablecoin projects cost investors tens of billions of dollars as they pulled out in a panic that some have compared to a bank run.

Timeline of Terrausd-wormhole

One lesser known fact about the recent price collapse of algorithmic stablecoin TerraUSD ($USST) is that it managed to hit some of the most vulnerable people on the planet, namely relatively poor people living in high inflation countries. According to a report published on May 26 by tech news out “Rest of the World”, people

A market intelligence firm says seven crypto wallets may have been involved in the depegging of algorithmic stablecoin TerraUSD (UST) from the US dollar. According to digital assets insights firm Nansen, seven crypto wallets were spotted swapping large amounts of UST on the automated market-making platform Curve (CRV) on May 7th, right before the stablecoin The post Seven Wallets Could Have Initiated TerraUSD (UST) De-Peg, According to Crypto Analytics Platform Nansen appeared first on The Daily Hodl.

The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government's Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin

The largest algorithmic stablecoin, TerraUSD (UST), suddenly disintegrated last week, sending shockwaves through the crypto markets. As UST fell considerably below its $1 peg, it put downward pressure on Bitcoin and the whole cryptocurrency market. Luna, its sister cryptocurrency, has also virtually halved in value. So what happened? Nansen, a cryptocurrency forensics business, identified four …

TerraUSD (UST) losing its $1 peg and falling to $0.03 and the crash of Terra (LUNA) to $0.0001372 were two events that shook the crypto community. The post Nansen Report shows that UST lost its peg due to the work of multiple large entities appeared first on CryptoSlate.

The Terra community has voted through the protocol's governance system to burn all TeraUSD ($UST) that the project's community pool held, along with the UST deployed for past liquidity incentives on the Ethereum network. As first reported by TheBlock, roughly 11% of the cryptocurrency's existing supply is now being burned, meaning 1.3 billion UST are

The Terra community unanimously voted to destroy 1.3 billion in UST tokens with more than 99% of the votes approving the proposal and now we will see the UST stablecoin drop by 11% so let's read more today in our latest cryptocurrency news. The governance vote on the Terra proposal 1747 to burn 1.388 billion

Yield App, a global FinTech company and digital wealth platform, reinstates its comment to rigorous risk assessment across all its portfolios amid the $UST/$LUNA collapse, emphasising that none of its strategies ever had any exposure to either of the two digital assets. In a recent live Ask Me Anything (AMA) session on its YouTube, Facebook, and Twitter channels, Yield App's top management explained the reasons why $UST was never introduced as an asset on the platform or included as part of its yield-generating strategies.

The notorious LUNA-UST crash that shook the entire crypto space had emptied many wallets in the recent past. The Terra had proposed a Revival plan which was passed with the majority of the votes and was supposed to go live on 27 May 2022. However, in a recent update, the launch is delayed while the …

The developments surrounding Terra's ecosystem keep coming in. After voting for a revival plan that would see the fork of a new chain without the algorithmic coin, the community has now accepted another proposal.