Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Crypto Hedge-Fund Head Predicted Terra’s $60 Billion Implosion

May 16, 2022, 7:29 PM

Hacks, scams, ponzis, rug pulls and crashes are common in crypto; they happen almost every day. The recent collapse of the Terra ecosystem and its UST stablecoin is different.

Terra was pitched as an important experiment — an attempt to create a stablecoin pegged to the US dollar without relying on traditional financial securities or overcollateralized crypto assets as reserves. Last week’s sudden collapse of the Terra project now puts that idea in doubt, and its loudest critic is claiming victory.

This Is How the Terra Stablecoin Actu...

It’s a dramatic reversal for the coins involved. At its peak in early April, the market value of all Luna — the tokens that back the ...