Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sending the price of its sister-token LUNA from $60 per token to $0 in less than 72 hours. The collapse wiped approximately $40 billion dollars from the cryptocurrency ecosystem.
He said that despite last week’s “heart-wrenching” market pandemonium, the crypto industry looks stronger than ever and wouldn’t be going away any time soon. He explained that Galaxy Digital invested in LUNA in Q4 2020 using balance sheet capital, and clarified that the firm’s treasury never used UST.
Until his next ponzi.
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