65
edits
Difference between revisions of "LUNA Collapse in May 2022"
no edit summary
0xBigDaddy (talk | contribs) |
|||
| Line 21: | Line 21: | ||
The efforts are ongoing. | The efforts are ongoing. | ||
== Chainlink Oracle failure == | |||
On the 12th of May 2022, Venus on BSC and Blizz Finance on Avalanche were exploited for $13M and $6M respectively. It was revealed the LUNA oracle had a lower limit of $0.10. When the price of LUNA crashed to $0.00005, attackers were able to provide collateral and borrow a lot more than it was worth. | |||
== Aftermath == | == Aftermath == | ||
Crypto fund Arca whose main holding was UST incurred significant losses and emailed investors to let them know they believed UST would regain its peg.<ref>https://www.coindesk.com/business/2022/05/11/crypto-fund-arca-doubled-down-on-ust-amid-stablecoins-collapse/</ref> | Crypto fund Arca whose main holding was UST incurred significant losses and emailed investors to let them know they believed UST would regain its peg.<ref>https://www.coindesk.com/business/2022/05/11/crypto-fund-arca-doubled-down-on-ust-amid-stablecoins-collapse/</ref> | ||