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ARTICLE · 01 JUNE 2022

Flying To The Moon And Back - Five Things Luna Investors Should Know

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It has been described as the "Lehman Brothers" event of the crypto world and heralded to bring forth a cryptocurrency winter. The collapse of TerraUSD, one of the largest algorithmic stablecoins...

SingaporeLitigation, Mediation & Arbitration
Shaun Leong
Shaun Leong
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It has been described as the "Lehman Brothers" event of the crypto world and heralded to bring forth a cryptocurrency winter. The collapse of TerraUSD, one of the largest algorithmic stablecoins has sent shockwaves across the world. The stablecoin was not backed by fiat currency or financial assets, but by another token, Luna. TerraUSD was pegged to the USD such that if TerraUSD ever falls below USD 1, an investor can trade the stablecoin for an amount of Luna tokens worth up to USD 1. The Luna token, the market value of which dropped by over 98% within one day was in turn backed up by reserve Bitcoin which has been sold since the start of the crisis, leaving many Luna investors seeking recourse.

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