The Big Take
Meet the Hedge-Fund Manager Who Warned of Terra’s $60 Billion Implosion
Kevin Zhou of Galois Capital says he started warning about Terra as a ‘public service to also let everybody else know’ about its dangers.
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Hacks, scams, ponzis, rug pulls and crashes are common in crypto; they happen almost every day. The recent collapse of the Terra ecosystem and its UST stablecoin is different.
Terra was pitched as an important experiment — an attempt to create a stablecoin pegged to the US dollar without relying on traditional financial securities or overcollateralized crypto assets as reserves. Last week’s sudden collapse of the Terra project now puts that idea in doubt, and its loudest critic is claiming victory.