Uncovering Terra's Implosion — Terraform Labs' Big Name Backers and ‘Zero Exposure' Claims

Digital currency markets have continued to slide downward in value as the crypto economy has dropped by 14% during the past 24 hours. Amid the market rout, the native Terra blockchain token LUNA has dropped to fresh new lows, slipping to $0.0156 per unit. Terra's founder Do Kwon revealed a plan on Wednesday, but after

Timeline of Terra-luna

Tether (USDT) has become the next stablecoin to suffer from the ongoing stablecoin fiasco that started with TerraUST de-pegging from the US Dollar. USDT traders were treated to a scare after the price of USDT lost its dollar parity and slid below $1 to trade as low as $0.97 before recovering to trade above $0.99 The post Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra's UST appeared first on Invezz.

The circulating supply of Luna (LUNA) has broken above the 25 billion mark as the token is being minted on an exponential level. The post Luna token supply hits 25 billion — up by nearly 24 billion today appeared first on The Block.

Anyone in the know regarding crypto will be aware of Terra's (LUNA) collapse over the last few days - this article was written on May 10th, 2022. Its stable coin, UST, pegged to the price of 1 US Dollar collapsed by 80%, something unprecedented in the stable coin market.

Terraform Labs proposed to burn a total of $1.3 billion worth of UST to save LUNA to combat the current crisis. The post TerraForm Labs proposes to burn $1.3B in UST to save LUNA appeared first on CryptoSlate.

Terra's CEO, Do Kwon, reappeared early Wednesday to present an emergency plan to save UST and LUNA. To protect against network governance attacks, the business proposes burning all UST in the community pool, burning the remaining 371 million UST cross-chain on Ethereum, and stakeing 240 million LUNA.

The world's largest asset manager, Blackrock, and hedge fund giant Citadel Securities have denied claims that they had a role in the fall of terrausd (UST) and terra (LUNA). In addition, crypto exchange Gemini has denied making a bitcoin loan that resulted in the terra collapse. Blackrock, Citadel Securities, Gemini Deny Rumors Following the collapse

Do Kwon's first rescue plan included enlarging the base pool, burning UST, and staking LUNA, according to the Terra's Twitter account. Terra feels that the downward pressure on UST's peg is diluting Luna, delaying both recovery and producing an excess of UST and that the only way to address this is to burn UST and …

Two major stablecoins have shaken the crypto world as they dropped steeply. Many shared their real-life consequences of the collapse onto social media. TerraUSD (UST) lost its $1 peg to the U.S. dollar last week and has dropped to as low as 30 cents. Luna lost 97% of its value between Tuesday night and Wednesday...

After the woes of the TerraUSD stablecoin triggered a flight from many popular digital tokens, Cryptocurrencies steadied. On Thursday, Bitcoin climbed back to about $29,000. Some tokens like Avalanche and Solana that support some key decentralized finance protocols posted double-digit percentages of profit. Luna token is struggling and the TerraUSD stablecoin was still below its...

The UST crisis is causing billions of Luna to be minted — and it may not ease up any time soon. The post Billions of Luna minted as supply grows 20-fold in four days appeared first on The Block.