As many people watch as millions go down a death spiral. Thanks to the cracks of Terra Luna and the founder Do Kwan. The 15 billion dollar disaster was probably a indirectly a factor of you losing money as it causes the 4th largest crypto currency to crash into nothing. Do Kwan who was considered a god and genius to people was offering a type of crypto backed up by nothing, quite different from normal collateralized. So how did they remain at peg? They used a algorithm to keep the coin afloat. For 2 years the algorithm did great until a attack. UST started to depeg and they tried to deploy millions of dollars to help keep it afloat again, it never worked and this resulted in UST and LUNA to go to zero. The way UST and LUNA worked is that for every 1 UST you had you could redeem it for $1 of LUNA. Since the depegging of UST people lost trust in the system and quickly redeemed all their UST for LUNA. This caused a lot of inflation for LUNA and caused it to go into a death spiral.
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