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Difference between revisions of "LUNA Collapse in May 2022"
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(Added promotors and investors section. The intent is to make it clear to posterity that large respected VCs, influencers and others considered experts were heavily invested and lost both their own and client funds.) |
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It was revealed that Do Kwon was the founder of a previous failed stablecoin, [[Basis Cash]].<ref>https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/</ref> | It was revealed that Do Kwon was the founder of a previous failed stablecoin, [[Basis Cash]].<ref>https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/</ref> | ||
From May 9th to the 12th, LUNA supply has increased 35,000% as that is part of the mechanism to restore peg to UST.<ref>https://terrasco.pe/mainnet/luna/supply</ref> | |||
== Investors and Promotors == | == Investors and Promotors == | ||
Several promotors and VCs suffered large losses. The exact amounts | Several promotors and VCs suffered large losses. The exact amounts have been difficult to verify. | ||
* Arca - Published investor letter in May 2022, describing the depeg as a buying opportunity<ref>https://www.coindesk.com/business/2022/05/11/crypto-fund-arca-doubled-down-on-ust-amid-stablecoins-collapse/</ref> | * Arca - Published investor letter in May 2022, describing the depeg as a buying opportunity<ref>https://www.coindesk.com/business/2022/05/11/crypto-fund-arca-doubled-down-on-ust-amid-stablecoins-collapse/</ref> | ||