They were top 5 in the market and €40 billion of value was wiped out when their coin crashed.
They advertised themselves as one of the new generations of stable coins which was supposed to stay exactly in line with the dollar.
Many people especially in South Korea began using it instead of banks offering higher interest rates and what was supposed to be much safer than normal.
Many allege that it was in fact a coordinated attack from existing centralised powers, e.g. a hedge fund. All transactions are on record and someone risked billions to short this company and ended up making nearly 850million. I guess the investigation will reveal more.
Bad news for confidence in crypto.
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Luna/Terra crypto crash
Re: Luna/Terra crypto crash
Old money missed the boat with BTC
They are not going to let BTC early adopters join their club
Old money only plays the markets when they know they will win
Speculation is Old money borrowed 100K BTC and used it to manipulate the market and crash Luna/Terra making billions in the process
Satoshi Nakamoto is unknow, he holds over 1million BTC in wallets, do you think old money will ever support BTC knowing a unknown can dump the price at a whim?
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They are not going to let BTC early adopters join their club
Old money only plays the markets when they know they will win
Speculation is Old money borrowed 100K BTC and used it to manipulate the market and crash Luna/Terra making billions in the process
Satoshi Nakamoto is unknow, he holds over 1million BTC in wallets, do you think old money will ever support BTC knowing a unknown can dump the price at a whim?
…login to view the rest of this post