LUNA crypto

2022 - 5 - 10

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Controversial stablecoin UST — which is meant to be pegged to the ... (CNBC)

UST, a so-called stablecoin that's meant to maintain a $1 peg, was trading at just 50 cents Wednesday.

"We should have had these in place previously, so let me apologize for that." Investors are now closely watching for how Luna Foundation Guard responds to prop up its ailing stablecoin. UST's price has crumbled under the pressure of a sell-off in cryptocurrencies recently, resulting in further panic in the market. The fear now is that Luna Foundation Guard dumps those bitcoins onto the market, resulting in an even bigger sell-off. It's fallen over 50% since setting an all-time high of nearly $69,000 in November. It uses a complex system of minting and burning tokens to adjust supply and stabilize prices.

How Crypto Whales Wiped Off Terra Luna On Binance, Other ... (Outlook India)

Read here to know more about how Terra and its algorithmic Stablecoins work, and what events led to it losing half of its value in five days.

May 10: Terra’s founders and the Luna Foundation Guard (LFG) stepped in to control the free fall of their Stablecoins and crypto. May 9: The Luna cryptocurrency lost 60 per cent of its value and was trading at $45 on May 9. Since UST and Luna are tied together by an algorithm program as explained above, this massive selling and shorting caused the balance to be put off. They also started to short Luna crypto currency at the same time. In a normal market scenario, this should result in UST supply getting reduced and its price should climb back to $1. But things went horribly wrong and the algorithms failed to keep this ratio. Bitcoin dropped 8.4 per cent that day, and the overall crypto market cap was also down by 7.46 per cent. Luna Foundation Guard (@LFG_org) https://t.co/IKQmFhPNdE May 9, 2022 To maintain TerraUSD’s price, the Luna supply pool adds to or subtracts from TerraUSD’s total supply, depending on the situation. 6th May 2022: The crypto market has been experiencing volatility and price swings ever since the US Federal Reserve increased the interest rate, and inflation data reached market participants. This essentially means that LUNA investors’ wealth has been eroded by more than 88 per cent in five days. A crypto Stablecoin is different from a crypto coin. This is because it tracks the value of a particular asset, say dollar or gold, and derives its price from it.

Stablecoin that's supposed to be worth $1 plunges to around 40 cents (Fortune)

TerraUSD, the controversial algorithmic stablecoin, slumped on Wednesday as crypto markets await a rescue led by primary backer Do Kwon.

On Tuesday, following an earlier tweet from Kwon that he was “close to announcing a recovery plan,” the token rallied to around 94 cents. Over the weekend, the token lost its intended peg to the US dollar, falling to about 99 cents. Luna, a coin that’s part of the peg mechanism for TerraUSD, tumbled 84% over the past 24 hours, according to CoinMarketCap.

Korean crypto exchanges issue warnings about trading Luna (The Block Crypto)

Major Korean exchange Coinone has suspended trading of Luna. · Korbit and Bithumb have also issued investment warnings.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. Korbit and Bithumb have issued “designated investment warnings” on the coin citing similar concerns as well. The situation, however, does offer an insight into the level of unease among Korean crypto investors concerning Luna’s current decline.

Luna Nosedives Under $2, Loses 98% Of Its Value As TerraUSD ... (Forbes)

Following a day in which teetering stablecoin TerraUST (UST) bounced around $.90, it resumed its free-fall overnight to approach $0.30 before recovering ...

One token that is surging today is MKR, the governance token underpinning the dollar-pegged stablecoin Dai, which was up as high as 40% today. However, that has not come to fruition. Today attention will focus on whether the Luna Foundation Guard, led by founder Do Kwon, will be about to recover from this downward spiral.

UST founder Do Kwon shares plan to save its stablecoin from mass ... (TechCrunch)

The past few days have been extremely volatile across the crypto economy, after one of the largest stablecoins, TerraUSD (UST), depegged from its $1 value ...

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South Korean Exchanges Warn LUNA Investors as UST Collapse ... (CryptoPotato)

With LUNA and UST getting crushed in the market, two South Korean exchanges issued warnings to users dealing with the two tokens.

This triggered a death spiral in TITAN’s price, which was used as collateral to mint the stablecoin. “UST was trading at close to $0.2 today, so confidence will be hard to regain. “The cold storage of tokens on exchanges does not imply they actually have all tokens for redemption.

LUNA meltdown sparks theories and told-you-sos from crypto ... (Cointelegraph)

Some of you saw it coming; some of you still can't believe it's real. Was the alleged "most significant collapse in crypto history" an attack?

In an investor letter, Alden described the accompanying Bitcoin “selling pressure” that would flood the market with tens of thousands of coins if the UST peg crumbled. Also, when @stablekwon/LFG publicized they would protect the peg at certain level it was an invitation to attack. Inevitably, Crypto Twitter accused Neuner of trying to protect his significant yet fast evaporating LUNA bags. What was once considered a FUD attack on Luna has evolved into something far more conspiratorial and insidious. There are real consequences to the coins’ failures. At one point, the LUNA price tread lower than UST.

Cryptocurrency TerraUSD Plunges as Investors Bail (The Wall Street Journal)

The selloff in the algorithmic stablecoin that was supposed to be pegged to $1 accelerated, briefly sending its price to less than a quarter of that value.

- Cryptocurrency TerraUSD Plunges as Investors Bail You may cancel your subscription at anytime by calling Customer Service. Cryptocurrency TerraUSD Plunges as Investors Bail

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