Luna Crypto Crash: How UST Broke, Why It Matters and What's Next

[covertbriar]

The cryptocurrency market isn't pretty right now. Red is everywhere: Bitcoin and ether are at their lowest points since 2020, and altcoins like dogecoin and cardano are faring even worse.

While it's painful for crypto investors, this dip is far from unprecedented. Cryptocurrencies are infamous for their volatility, and tempestuous economic conditions are bringing down not just crypto, but the stock market too.

What is unprecedented, however, is the collapse of the luna cryptocurrency and its associated terraUSD stablecoin, aka UST. You may not have heard of UST before, or know what a stablecoin is, but it's a big deal. Billions of dollars in crypto wealth have been vaporized, sending shockwaves throughout the whole market.

There are two intertwined stories here: That of the UST stablecoin and that of luna, both of which are part of the terra blockchain. The UST coin is designed to retain a value of $1 at all times, but it was depegged last Monday, on May 9, and has since fallen to just 17 cents. Then there's luna, the centerpiece of terra's ecosystem. Its value has collapsed in one of the most stunning crypto crashes ever recorded.


More at https://shrtcô.de/apwLVz

 

[sweetiepie]

 

[face the facts]

these fuckers forgot something, only pap and cronies can have free lunch
live by the sword, die by the sword... no such thing as free lunch

 

[glockman]

I hope none of us here bought Luna.

 

[blackmondy]

I hope none of us here bought Luna.

I have a Gossen Luna lightmeter, indispensable tool for photography.

 

[sweetiepie]

Nice song.

 

[jymifalcon]

I see it's been a while since you’ve posted, but I just want to ask—has anyone experimented with blending gesture drawing into structured practice to stay loose while learning form? I’ve found doing quick warm-up sketches helps me feel less stiff before diving into longer, more detailed pieces. Curious what others have done to balance structure and creativity over time.

 

[Piersqsw]

Yeah I saw that mess unfold—crazy how fast trust can collapse. I've been messing around with tools that can spot weird trading patterns early, and the Quantum AI Trading Platform has been surprisingly useful for that. It flagged some unusual volume shifts way before things blew up. Not saying it's magic, but it's helped me dodge a few bad trades since.

 

[ftan42]

Luna crypto experienced a collapse in May 2022, plummeting from its all-time high of $119.51 to nearly zero. The UST is designed to maintain a 1:1 peg with the US dollar through a complex mechanism with its token, LUNA. The drastic decline was triggered by a large corporate withdrawal of UST from the pool, which sparked initial panic among investors. As a result, a mass exodus of investors selling their holdings accelerated the downturn, ultimately leading to the asset's collapse.