Following a few days of carnage, the two leading crypto assets built on top of the Terra blockchain have plummeted to significant lows. LUNA has dropped to $0.00000100 per coin and the once-stable coin terrausd (UST) hit a low of $0.044 per unit. After temporarily halting the Terra blockchain and restarting it, the team has once again halted block production at block height 7,607,789. The team restarted the chain again at 8:46 a.m. (ET) and disabled onchain swaps.
Do Kwon’s ‘Amusing Morning’ of De-Pegging Jokes Becomes a Scary Reality
Five days ago people started to get concerned about the Terra-based stablecoin terrausd (UST) as a slight deviation from the $1 parity took place. At that time, rumors and speculation concerning Terra’s stablecoin failing started to spread like wildfire. However, the Terraform Labs co-founder Do Kwon shrugged it off as an “amusing morning” and said that Terra detractors were now “all poor.” Kwon continued to say that UST’s de-pegging at
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