LUNA meltdown sparks theories and told-you-sos from crypto community
No matter how hard your day is going, spare a thought for LUNA investors today. Do Kwon, CEO of Terraform labs and 18th on Cointelegraph's Top 100, has lost billions of dollars for their investors.
Do Kwon's coins came crashing down as brainchild Terra (LUNA) sinks over 97% from highs, while the stablecoin TerraUSD (UST) fell 75% lower than its intended dollar parity. At one point, the LUNA price tread lower than UST.
There are real consequences to the coins’ failures. On the TerraLuna Reddit page, the suicide hotline has been pinned; the subreddit is indeed a disturbing read as the LUNA crisis unfurls.
Those of you waiting for the earth to become unstable-I'm afraid you will be waiting until the age of men expiresCities have returned to the dustOceans have gone bone dryThe map of continents have been drawn anewAnd dinosaurs once again roam the earth Gluck
So how did it happen? How did a braggadocious personality catalyze one of crypto’s biggest crashes?
What was once considered a FUD attack on Luna has evolved into something far more conspiratorial and insidious. Among the most popular theories is an alleged George Soros-inspired “attack” on the Terra ecosystem, in which the buyer made off with over $800 million.
How to make a >800 million dollars in crypto attacking the once 3rd largest stablecoin, Soros style:Everyone is talking about the $UST attack right now, including Janet Yellen. But no one is talking about how much money the attacker made (or how brilliant it was). Lets dig in pic.twitter.com/nGVfqjpVJb
Ransu Salovaara, CEO at Likvidi, echoed the theory, explaining to Cointelegraph that “some parties picked UST’s algorithm peg as a market manipulation target and borrowed lots of Bitcoin (BTC) to execute this, what
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