‘Weird’ events are taking place in the cryptocurrency community, which has already been shaken for a while. So much so that TerraUSD (UST), which is basically a stable coin indexed to the dollar, has inflicted great losses on its investors. According to the information obtained, the fact that the team had to sell 3 billion dollars of Bitcoin and the events that followed, shook the markets. The LUNA altcoin of the Terra network, which supports UST, has lost around 97 percent of its value…
Those who are into cryptocurrencies know; Stable coins are generally dollar indexed and their values range from $1.01 to $0.99. These cryptocurrencies are essentially unofficial crypto versions of the dollar. Here was one of them in TerraUSD. Although there is no clear information for now, according to the allegations, someone or someone took an operation to TerraUSD. This operation caused the stable coin to lose more than 50 percent in value and fall to the level of $ 0.44. This situation put the investor, who held UST as stable coin, in trouble most… As Terra’s efforts did not yield any results, the extent of the loss reached incredible proportions.
is said to have a $3 billion deficit
*You see the UST price chart.
According to unproven claims, it is stated that the events in the UST are caused by the purchase of Bitcoin with a debt of 3 billion dollars and then the sale of this Bitcoin. It is not known who or who is behind the incident.
LUNA, which was worth $120, dropped to $1.1
*You can see the LUNA price chart.
Terra network cryptocurrency LUNA has been hit hard by the events. LUNA, which was traded at $120 in April, is currently trading at $1.14. The panic atmosphere in the crypto money community has spread to all cryptocurrencies, especially Bitcoin…
LUNA investors rebelled on social media
LUNA’s depreciation of around 97 percent even in the last 24 hours It has caused reactions from investors. Users who shared numerous posts on social media almost rebelled against what happened. Here are some investors’ shares on the subject…
It is still on the table how the events will recover and what can be done to bring the value of a stable coin back to the level of 1 dollar. The LUNA Foundation, which stands behind TerraUSD, is also looking for solutions. So what will the investor do? To be frank, there is nothing the investor holding UST can do. Because the cryptocurrency, which should normally be around $1, is facing an unprecedented situation. If the current situation cannot be corrected, it seems difficult for the investor who buys dollars from the bank or prefers UST over more established stablecoins such as Tether (USDT).
US Secretary of the Treasury Makes Statement After the Collapse of LUNA and IHR
The series of events that had an earthquake effect in the crypto money markets did not escape the attention of US Treasury Secretary Janet Yellen. “The stablecoin known as TerraUSD ran into a problem and lost value. I think this (fixed coins) is a fast growing product and the risks it poses are growing fast too.” Minister Yellen said, “Digital assets can create risks for the financial system. Regulation needs to be established in a coordinated way.” said…
This content is not investment advice…
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