Billionaire Ken Griffin’s Citadel Securities Denies ‘Ridiculous’ Declare That It Tanked Do Kwon’s Terra (LUNA)

The Terra community and Do Kwon rose to the best tier of the crypto world because of big-shot buyers, solely to crumble inside a couple of days in Could 2022. On Could 7, the worth of the then-$18-billion algorithmic stablecoin UST, which is meant to keep up a $1 peg, began to wobble and fell to 35 cents on Could 9. Its companion token, LUNA, which was meant to stabilize UST’s worth, fell from $80 to a couple cents by Could 12. The collapse despatched a shockwave all through the crypto sector, ultimately resulting in a protracted crypto winter.