The Terra network and Do Kwon rose to the highest tier of the crypto world thanks to big-shot investors, only to fall apart within a few days in May 2022. On May 7, the price of the then-$18-billion algorithmic stablecoin UST, which is supposed to maintain a $1 peg, started to wobble and fell to 35 cents on May 9. Its companion token, LUNA, which was meant to stabilize UST’s price, fell from $80 to a few cents by May 12. The collapse sent a shockwave throughout the crypto sector, eventually leading to a prolonged crypto winter.
Source: https://www.coindesk.com/policy/2023/10/26/billionaire-ken-griffins-citadel-denies-ridiculous-claim-that-it-tanked-do-kwons-terraform/?utm_medium=referral&utm_source=rss&utm_campaign=headlines