So how did it happen and what happens next for investors, the project and the wider crypto space?Both UST and LUNA exist on the Terra blockchain and are overseen by the non-profit Luna Foundation Guard , which stockpiled roughly $3.5 billion in bitcoin and other cryptocurrency in the months leading up to the crisis in order to mitigate against such an outcome.
In an effort to bring UST back to parity with the US dollar when its price began to drop, LFG used its vast reserves to buy up huge amounts of UST in an effort to force up the price. In doing so, vast amounts of LUNA flooded the market, resulting in a near-total price capitulation. “So how much did our attacker make?” speculated crypto and blockchain commentator Onchain Wizard. “There aren’t many details on where they covered obviously, but if they are able to cover the entire position at ~$32k, that means they made $952m on the short.”UST’s demise saw it fall below $0.10, though it is functionally worthless. The collapse saw LUNA drop more than 99 per cent from its peak above $110 to just one ten thousandth of one cent.
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