Bitcoin24h $80,356.06+2.79%

Ethereum24h $2,384.87+3.65%

XRP24h $1.41+2.10%

BNB24h $626.22+1.65%

Solana24h $85.39+2.08%

TRON24h $0.3379+2.39%

Dogecoin24h $0.1129+4.68%

Hyperliquid24h $42.17+2.78%

UNUS SED LEO24h $10.32+0.04%

Cardano24h $0.2536+2.28%

How Terra collapse nearly killed algorithmic stablecoins

The spectacular failure of Terra has caused money to flee from algorithmic stablecoins and has seen many abandon their plans.

The high-profile LUNA investors — from prime ministers to beauty queens

While many early LUNA investors have made no secret of their links to the infamous Ponzi, others have flown slightly more under the radar.

Charges of securities violation against Terraform Labs co-founder Daniel Shin have been dismissed on the grounds that luna wasn’t a security.

The audit details how Luna Foundation Guard moved more than 52,000 bitcoin from its reserves to Jump Trading to defend the price of TerraUSD.

The UST co-founder was accused of siphoning off $2.7 billion in 33 monthly withdrawals of $80 million each.