The Terra network and its founder, Do Kwon, experienced a rapid rise and fall in the crypto world. In May 2022, the price of the algorithmic stablecoin UST, which is designed to maintain a $1 peg, began to fluctuate and eventually plummeted to 35 cents. This caused its companion token, LUNA, which was meant to stabilize UST’s price, to also drop from $80 to just a few cents. The collapse of these tokens sent shockwaves throughout the crypto sector and contributed to a prolonged period of decline known as the crypto winter.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Do Kwon |
| Companies | Terra network, Do Kwon |
| Currencies | TerraUSD, Terra Luna Classic |
| Securities | None |
