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Terra

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Due to limited liquidity, LUNA sell orders will not be accepted from 10:51 PM - 11:11 PM CT. Please submit your orders outside of this window.

On Thurs. May 25, Terraform Labs announced that the Terra community had approved the creation of a new blockchain, Luna 2.0. The creation of this new chain is a response to unprecedented volatility on the Luna 1.0 chain, which caused the price of the original LUNA and UST to collapse almost to zero. 

As part of the migration, the former asset LUNA will become Luna Classic, or LUNC. A portion of LUNA holders will be eligible to receive an airdrop of the new token (LUNA), per the terms outlined by Terraform Labs.

The new Terra blockchain will utilize the new LUNA, and will not include the UST stablecoin. 

On 9 May, after nearly 18 months of steadily holding its value against the US dollar, the so-called stablecoin TerraUSD (UST) became unpegged. The uncoupling triggered a cascade response that ultimately crashed UST and the Terra (LUNA).

TerraUSD (UST) is a stablecoin, which means it is a cryptocurrency pegged to a fiat currency. In this case, it is designed to be pegged to the US dollar. Stablecoins are intended to allow investors to hold crypto assets with less volatility, and trade a dollar equivalent without needing to cash out their positions. 

UST is considered an algorithmic stablecoin because instead of being backed by assets such as cash or cash equivalents, it is supported by on-chain code that facilitates a change in the supply and demand between UST and LUNA.

LUNA is the cryptocurrency that works in unison with UST in an effort to keep UST in 1:1 parity with the US dollar. One dollar of LUNA can always be converted at a 1:1 ratio to 1 UST. 

For example, if LUNA is trading at $10, then it can be redeemed for 10 UST, and 10 UST can be redeemed for 1 LUNA. If UST rises above its $1 peg to $1.01, then traders can swap 1 USD of LUNA for 1 UST. This trade burns 1 LUNA and mints 1 UST, which can then be sold for 1.01 USD. 

If UST rises to $1.02, then traders can sell for a 2 cent profit, and so on. 


In theory, increasing the supply of UST and lowering the supply of LUNA brings the price of UST back down until it reaches $1. Conversely, if UST drops below the $1 peg, then traders will be incentivized to buy 1 UST for 0.99 USD, which can then be swapped for 1 LUNA. 

This move burns UST and mints LUNA, sending UST higher towards the $1 peg.

UST lost its peg to the dollar starting on May 8th following large withdrawals of UST from Terra’s DeFi protocol Anchor. UST fell quickly, and struggled to regain its peg because the burning of UST and minting of LUNA couldn’t keep up. 

UST descended rapidly as the prolonged de-pegging led to uncertainty and a snowball effect of larger withdrawals. 


A significant share of circulating UST was locked on Anchor, a Terra-based lending and borrowing protocol that paid users 19.5% to stake UST. 

The LFG used up about $2.9 billion of its bitcoin reserves in an unsuccessful attempt to revive UST. 

WSJ 
Decrypt 
Bloomberg

*This content is for educational purposes and is not investment advice.

The crypto analyst known for accurately calling the last major market collapse is issuing another series of warnings, including one about an Ethereum (ETH)-based altcoin.

Analyst That Called Last Crypto Collapse Says Ethereum-Based Altcoin Mirroring Terra (LUNA) Crash

The collapse of cryptocurrency exchange FTX (CRYPTO: FTT) has not been the biggest concern for investors this year. Recall the de-pegging of Terra's (CRYPTO: USTC) token and the collapse a few weeks later of Celsius and Three Arrows Capital (3AC) — investors suffered much bigger losses in those two scenarios.

You Think FTX Was Bad? Investors Suffered Far Greater Losses From Terra: Report

The collapse of the crypto exchange FTX wasn't the most impactful event for crypto investors this year — at least from a market-wide perspective. The post Crypto markets hit harder by Terra, Celsius and 3AC than FTX: Chainalysis appeared first on The Block.

Crypto markets hit harder by Terra, Celsius and 3AC than FTX: Chainalysis

South Korean authorities reportedly believe that Terra (LUNA) founder Do Kwon is trying to evade global law enforcement by relocating to Serbia.

South Korean Authorities Say That Terra (LUNA) Founder Do Kwon Hiding in Serbia: Report

SCV says it will make sure Terra's ecosystem maintains a \"bare minimum\" of security.

Terra Validators Grant $900K to Security Auditor SCV

Terraform Labs co-founder and CEO Do Kwon, wanted internationally in relation to the collapse of the Terra ecosystem, has traveled from Dubai to Serbia, where he is currently hiding. Terraform Labs was the company behind the creation of the stablecoin terraUSD (CRYPTO: USTC), which was de-pegged from the dollar in May.

After Collapsing Terraform Labs, CEO Do Kwon Is On The Lam — In Siberia: Report

The Terraform Labs co-founder is wanted in South Korea, backed by Interpol.

Terra's Do Kwon is in Serbia: Report

In almost identical statements—one to the NYT and another on Twitter—the former FTX CEO denies trying to make UST and USDT lose their pegs to the dollar.

SBF Denies He Tried to Attack Tether, 'Hunted' Three Arrows' Terra Positions

Federal US prosecutors are reportedly looking into the potential link between former FTX CEO Sam Bankman-Fried's fallen crypto empire and the downfall of stablecoin issuer Terra (LUNA).

US Prosecutors Probing Whether Former FTX CEO Sam Bankman-Fried Influenced the Terra (LUNA) Implosion: Report

3AC co-founder Kyle Davies said that the fund took a hit on Luna and was squeezed in the aftermath, but it was FTX that dealt the death blow. The post Three Arrows Capital co-founder says it wasn't luna that took it out, but FTX appeared first on The Block.

Three Arrows Capital co-founder says it wasn't luna that took it out, but FTX

Former FTX CEO Sam Bankman-Fried said there's no evidence that Alameda crashed luna to take down Three Arrows Capital.  The post Bankman-Fried rejects claims that Alameda crashed luna to sink 3AC  appeared first on The Block.

Bankman-Fried rejects claims that Alameda crashed luna to sink 3AC 

The Justice Department is said to be looking into whether Alameda Research unleashed trades designed to drive down the price of LUNA, accidentally causing the market to collapse.

Feds Investigating Whether SBF Trades Cause Terra/LUNA Stablecoin Crash: NY Times

U.S. federal prosecutors have reportedly launched an investigation into whether Sam Bankman-Fried manipulated prices of TerraUSD (CRYPTO: USTC) and Luna (CRYPTO: LUNA) to benefit the entities he owned — cryptocurrency exchange FTX and Alameda Research. What Happened: According to a  report  by New York Times, the inquiry is in its initial phase and is part of a broader inquiry into the downfall of FTX and the possible misuse of billions of dollars of customers' money, which have reportedly gone missing.

Feds Investigate Possible TerraUSD, Luna Price Manipulation By Sam Bankman-Fried: NYT

A South Korean judge refused an arrest warrant for Daniel Shin, whose Terraform Labs issued the terraUSD stablecoin, whose $48 billion crash spread bankruptcies across the industry.

Arrest Warrant for Terra Co-Founder Dismissed

A South Korean judge has reportedly thrown out a recent arrest warrant issued for Terra (LUNA) founder Do Kwon's associates.

South Korean Judge Throws Out Arrest Warrant for Terra Founder Do Kwon's Associates: Report

Daniel Shin attended a court hearing over whether he should be arrested for allegedly extracting illegal profits prior to Terra's collapse.

Korean Prosecutors Seek Arrest of Terra Co-Founder Over $105M LUNA Sale

Prosecutors in South Korea are reportedly seeking a warrant for the arrest of a Terraform Labs' co-founder along with seven others as part of an investigation of the infamous crash of the Terra (LUNA) ecosystem.

South Korean Authorities Seek Arrest Warrant for Terra (LUNA) Co-Founder Do Kwon's Colleagues: Report

It's been six months since Terra's algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.

Terra Supporters Hope to ‘Defy the Odds' by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity

South Korean authorities have reportedly seized over $100 million from Shin Hyun-seong, the co-founder of collapsed stablecoin issuer Terra (LUNA). According to a new report by YTN Korea, a court has frozen the funds of Hyun-seong at the request of prosecutors.

$104,000,000 Seized From Terra (LUNA) Co-Founder by South Korean Authorities: Report

South Korea's prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation.

South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder

An analysis of the FTX and Alameda Research collapse has been published by the blockchain and crypto analytics firm Nansen and the report notes that the Terra stablecoin collapse, and the liquidity crunch that ensued, likely started the domino effect that led to the company's implosion.

Analysis of FTX and Alameda Collapse Points to Terra LUNA Fallout Starting the Domino Effect

Blockchain evidence shows that FTX's FTT token combined with trading losses both hid and worsened the financial condition of Sam Bankman-Fried's empire.

Terra/LUNA Stablecoin Collapse Also Killed FTX: Report

$4 billion in FTT tracked from Alameda to FTX aligns with reports of a loan—using customers funds—from the exchange to the trading desk.

FTX Catastrophe Likely Triggered By Terra Collapse: Nansen

Bitcoin

Months after the collapse of Terra's U.S. dollar-pegged token UST, the organization created to protect the once-stable coin, the Luna Foundation Guard (LFG), published an audit report audited by the New York-based consultancy company JS Held. According to the report, LFG claims to have spent 80,081 bitcoin and 49.

Terra's $2.8B Defense System — Luna Foundation Guard Audit Says Group Spent More Than 80,000 Bitcoin Defending UST Peg

Luna Foundation Guard published an audit today by JS Held showing its efforts to defend the UST peg during the May collapse. The post Luna Foundation Guard says it spent $2.8 billion to defend UST peg appeared first on The Block.

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