Screenshot 2022 05 08 at 16.13.41 tz9S5F

TerraUSD dollar peg rocked by weekend dump, LUNA drops 20%

A seemingly coordinated attack on the Terra ecosystem occurred this weekend, May 7th, as hundreds of millions of dollars worth of UST was dumped on Curve Finance. This happened in tandem with an increase in short interest in Terra Luna and a surge in Twitter volume that led to “Ponzi” trending globally for a few hours.
Several accounts on Crypto Twitter posted tweets with screenshots of the moment UST dropped below $0.992 as breaking news that the dollar peg had broken down. Some even declared it a “moment in history.”

₿REAKING – TerraUSD dollar peg breaks down. In free fall after Luna loads up on #Bitcoin.
— Dennis Porter (@Dennis_Porter_) May 8, 2022

The monumental de-pegging however was seemingly short-lived as the current price for UST on Binance shows.
Source: LUNAUSD Trading Pair via TradingView
The trading volume on Curve soured to three times that of Uniswap as “someone started selling UST en masse, so it started to de-peg. However,

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