The crash of Terra Luna has shattered the dream of the crypto community and set off a furious debate about the role of regulation in cryptocurrencies. Kwon, the charismatic cheerleader of Terra, has not commented on the collapse, but has put forward a plan for a revived Terra on May 13. While remaining silent, he has proposed governance proposals and a forking of the Terra network to create a new token.
Terraform Labs
After the crash of the cryptocurrency Terra LUNA, regulatory officials have begun counting the costs of this attack. The damage is not limited to a small percentage of the crypto market. Over $800 million was lost in a matter of hours. While it is unclear who is to blame, the massive loss in a single day has left investors in doubt about the stability of crypto assets. Many of the UST investors sold off large portions of their crypto portfolios, which pushed the entire market down.
Kwon
After the crash of Terra Luna, regulators have weighed in on the cost of crypto, and the damage to the terra ecosystem is not limited to investors losing their savings. Some of them have even taken to self-harm, reports say. However, these reports are not confirmed, and there are still many people who aren’t sure whether they did anything. Regardless, it seems like the crypto world is facing the reality of incoming regulation and needs to start working with regulators to ensure that investors and businesses are protected from the risk of losing their savings.
LUNA
After the recent crash of Ethereum and LUNA, regulators are now counting the costs of crypto assets. The collapse of the two major crypto assets has wiped out $830 billion from the crypto market. In addition, a number of projects within the Terra ecosystem, including decentralised finance platforms, web3 applications, and non-fungible tokens, have lost a considerable amount of value. The crash of the UST and LUNA has forced many bigwig companies to write down large portions of their crypto portfolios.
Venture capitalists
The fall of LUNA and UST has knocked $830 billion off the total market value of the crypto sector. Several Terra ecosystem projects have also lost value, including non-fungible tokens, decentralised finance platforms, and web3 applications. Several bigwig companies are now placing crypto assets on their balance sheets. As a result, the value of the crypto assets has decreased by about five percent.
Arca
After Terra Luna crashes, what happened next? The crypto-asset’s price plummeted from over $40 billion in April to a mere cent today. Its price implosion followed the trend in small-cap memecoins. Terra’s CEO lays out the steps LUNA should take to avoid a similar fate. Here are the three main reasons why it crashed. The first is simple.
Also Read:The Crypto Crash Update