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TerraUSD and Luna crashed that month, dragging down the value of other cryptocurrencies, including bitcoin, and caused wider havoc in the crypto market. Prosecutors did not identify the trading firm.
He was the co-founder and CEO of Terraform Labs, the parent company of crashed stablecoin TerraUSD and cryptocurrency Luna. [3] TerraUSD and Luna collapsed in May 2022, wiping out almost $45 billion market capitalization in one week and causing hundreds of billions in losses in the larger crypto market. [4] [3] [5]
Terra is a blockchain that leverages fiat-pegged stablecoins to power a payment system. For consensus, the Terra blockchain uses a proof-of-stake codesign. [4] Several stablecoins are built atop the Terra protocol, [4] including TerraUSD, which was the third largest stablecoin by market capitalisation before its collapse in May 2022. [5]
Kwon and his company Terraform Labs were sued by the Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have said caused about $40 ...
Kwon and his company Terraform Labs were sued by the U.S. Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have said caused about ...
Instead of being backed by dollars, UST was designed to keep its peg through a complex system connected with another Terra network token, Terra (LUNA). [13] In May 2022 UST broke its peg with its price plunging to 10 cents, [14] while LUNA fell to "virtually zero", down from an all-time high of $119.51. [15]
The doomed crypto project created by Do Kwon still faces fraud-related charges. ... ruling that four crypto tokens offered by the failed Terraform Labs company—including UST and LUNA ...
TerraUSD and Luna, two stablecoins run by Terra, lose their pegs to the US Dollar and collapse, with the former being worth $0.10 and the latter nearly nothing. [51] 12 June Celsius Network, a crypto exchange, announces the halt of all withdrawals and transfers. [52] Bitcoin falls 15% the following day to nearly $22,500, while Ethereum falls to ...
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