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[notes/terra-crash][m]: stub article.

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Rufus Pollock 2022-05-10 14:58:08 +02:00
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# Terra Crash - May 2022
Terra an algorithmic stable-coin that should maintain a $1 peg is crashing and has broken its peg (first on sunday 8th May) and then more seriously on 10th May 2022.
The organization is liquidating large amounts of bitcoin (over $2bn) to try and defend the beg which illustrates the potential contagion risk in the crypto ecosystem.
> Terra (LUNA) Collapses 60% as UST “Stablecoin” Drops Below $0.7 - https://u.today/terra-luna-collapses-60-as-ust-stablecoin-drops-below-07
https://blazetrends.com/terra-price-collapses-after-attempt-to-rescue-stablecoin/
> A complete collapse of Terra
>
> Rumors of a complete collapse of Terra quickly spread on social media. Nevertheless, the company co-founder, Do Kwon, kept calm. However, the founder had to liquidate a huge number of Bitcoins to save the stablecoin.
>
> Data from monitoring source BitInfoCharts confirmed the huge sales. The balance of the de Luna Foundation Guard went from 70,000 Bitcoin, (worth $2.23 billion), to 0 Bitcoin.
>
> The Luna Foundation Guard did say that they have not sold all Bitcoin and promised to update the community on the current situation.
https://twitter.com/vhranger/status/1523835842573357057