Who remembers the collapse of the ecosystem in
$LUNC 2022?
Tether’s CEO stated that Terra is not a scam, but “a poorly built house of cards,” yet the main reason for the ecosystem’s failure was CEO Do Kwon’s high regard
The LUNC collapse of 2022: A lesson that changed crypto forever
May 2022 went down in history
The algorithmic stablecoin UST lost its peg to $1, triggering the “death spiral”
The blockchain minted 6.5 trillion LUNA coins, wiping out the asset to zero and destroying $45 billion within just a few days
So what do we have today?
The old network has been reborn as Terra Classic (LUNC) and is now community-managed
The main goal is burning the trillion-coin issuance (with active support from Binance)
Do Kwon is still dealing with international courts
For some, LUNC became a lifelong scar; for others, it’s a lesson in risk management
👇 Did you hold LUNA in 2022? Do you believe in the revival of LUNC through burnings, or is it a dead weight? Share your thoughts in the comments!
#TerraLunaClassic #LUNC