Is the collapse of Terra reverberating in do Kwon's homeland?

The transformation of value in the digital age. By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions privacy policy The collapse of Terra continues to reverberate in Do Kwon’s homeland, but there are signs of progress, CoinDesk’s Emily Parker reports.

What happened to the terrausd stablecoin project?

The collapse of the terraUSD stablecoin project reverberated throughout the world, causing some $60 billion to evaporate. But the longest shadow fell over Korea, where it remains today. The 2022 crash was all over the local media, which reported that the project had some 200,000 local victims.

What happened to terrausd?

Amid the fifth straight month of losses in crypto markets, algorithmic stablecoin TerraUSD, or UST, lost its 1-to-1 peg to the dollar, causing mass liquidations and the eventual collapse of its $18 billion ecosystem.

Why did FTX & Terra-Luna fail?

“As the market fell due to global austerity, Terra-Luna, Celsius and FTX failed one after another, making it a year of declining trust,” Lee Myung-soon, senior vice president of the Financial Supervisory Service (FSS), said at the meeting.