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In May 2022, bearish crypto conditions resulted in the depeg of subsequent collapse of [[LUNA]] which crashed from over $80 to $0.69 in the space of five days. UST is the [[stablecoin]] which can be minted with LUNA as part of the [[Terra]] ecosystem which is ran by Do Kwon. | In May 2022, bearish crypto conditions resulted in the depeg of subsequent collapse of [[LUNA]] which crashed from over $80 to $0.69 in the space of five days. UST is the [[stablecoin]] which can be minted with LUNA as part of the [[Terra]] ecosystem which is ran by Do Kwon. | ||
The collapse wiped over $40b in value in the Terra ecosystem and caused most cryptocurrencies to decline by over 20%. | |||
== Background == | == Background == |