Taipei, Taiwan – As the crypto winter deepened this month, one wealth-destroying event – the collapse of the TerraUSD (UST) and Luna coins – has brought the human cost of unstable cryptocurrency projects to the surface.
UST, a so-called “algorithmic stablecoin,” plummeted over the last week as it lost its peg against the US dollar and sent its sistercoin Luna crashing to zero, erasing about $45bn. The crash wiped out the savings of untold numbers of investors overnight.
