Discussion

• @terra_money @terra_money on x

  The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come.

• BitMEX Blog Arthur Hayes on x

  Luna Brothers, Inc.

• @terra_money @terra_money on x

  The Terra blockchain was officially halted at a block height of 7603700. https://lcd.terra.dev/... Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.

• @terra_money @terra_money on x

  The Terra blockchain has resumed block production. Delegations are disabled now that the chain is live with the new code merge. Validators, please check the Discord announcements for the latest patch notes. https://twitter.com/...

• @cyounessi1 @cyounessi1 on x

  Over *four years* ago I was a research analyst at @scalarcapital. The Terra / $LUNA deal came across our desk and I was assigned to it because I was the DeFi guy. Here's what I had to say about the project. How did we allow it to end up like this? https://twitter.com/...

• @terra_money @terra_money on x

  Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes. https://twitter.com/...

• @ncweaver Nicholas Weaver on x

  The amount of Hopium keeping this thing up is incredible: https://twitter.com/...

• @eric20token Eric Lutzen on x

  It looks like @terra_money is halting the chain, and disabling staking. To protect from security attacks. It is best to get everything you have off terra. https://twitter.com/... https://twitter.com/...

• @migueldeicaza Miguel de Icaza on x

  All cryptocurrencies are going to face this problem: their value doesn't match the dollar amount available to withdraw. When the exit points run out of dollars, the price will plummet as folks try to unload them. https://twitter.com/...

• @ncweaver Nicholas Weaver on x

  The deliberate shutdown of the Terra blockchain shows clearly that it is really DINO: Decentralized in Name Only. Which means UST is a centrally controllable substitute dollar. US should extradite those behind @terra_money, specifically @stablekwon for money transmission crimes

• @wormholecrypto @wormholecrypto on x

  The Terra blockchain has been halted again. Wormhole and Portal transfers have been disabled to / from the Terra chain. Other chains are operating as normal. We will share an update as soon as it becomes available. https://twitter.com/...

• @hoffmang Gene Hoffman on x

  Real blockchains are decentralized and can't be halted... https://twitter.com/...

• @mewn21 @mewn21 on x

  Fork. Stop UST redemptions. Plan long term debt repayment when the ecosystem recovers and ur in profit. https://twitter.com/...

• @trader_xo @trader_xo on x

  Genuinely feel for those affected by Luna/Terra ecosystem and recent events. Billions of dollars in an ecosystem wiped out. Not a good take for the overall well-being of crypto. 🙏

• @wormholecrypto @wormholecrypto on x

  The Terra chain is no longer operational. As a result, Wormhole and Portal are unable to process transfers to or from the Terra chain. We will share an update shortly. https://twitter.com/...

• @wormholecrypto Wormhole on x

  Now that the Terra chain is back up, Wormhole can resume working through the backlog of transactions. We'll update you again as soon as we can. For the time being, transfers from Terra are temporarily disabled. https://twitter.com/...

• @justinwolfers Justin Wolfers on x

  Yep, they're turning it off, and flicking the switch back on, in hopes that'll fix it. Might also be worth tapping it against the floor a few times. If that doesn't work, run it under cold water. https://twitter.com/...

• @luna_terra_coin @luna_terra_coin on x

  Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes. $LUNA $TERRA https://twitter.com/...

• @decryptmedia @decryptmedia on x

  The team behind @terra_money is initiating “three more emergency actions” aimed at stabilizing the collapsing ecosystem. https://decrypt.co/... https://twitter.com/...

• @ercwl Eric Wall on x

  This is the biggest L on the fucking planet. Your ponzi gets rekt so bad your entire chain dies. https://twitter.com/...

• @alexhern Alex Hern on x

  How it was going yesterday/how it's going now https://t.co/AXvqKcEtqj

• @m_paulmcnamara Paul McNamara on x

  Whilst i've never been a crypto enthusiast, I hadn't realised just how flaky it is. I mean WHAT DID YOU THINK WOULD HAPPEN https://www.bloomberg.com/... https://twitter.com/...

• @theblock__ @theblock__ on x

  UPDATE: Terra devs have released a patch, saying: “Delegations will be disabled once block production resumes. The network should go live once 2/3 of the voting power comes online. An update will be provided accordingly.” https://twitter.com/...

• @willoremus Will Oremus on x

  what does it say about crypto that an idea this self-evidently stupid made it this far and roped in this many people before imploding in exactly the manner that anyone with a brain predicted from the outset https://twitter.com/...

• @web3isgreat @web3isgreat on x

  There have been no posts to the Terra subreddit in over a day, because moderators have restricted anyone from posting there.

• @chainlinkgod @chainlinkgod on x

  Terra validators have seen the value of their stake drop by 99.98%+ in the past week due (-99.4% past 24 hours) from $LUNA supply inflation / sell pressure from attempting to support the $UST peg Algorithmic stablecoins at the L1 level are probably a completely dead concept now h…

• @crypto_condom @crypto_condom on x

  The blockchain is being halted because the price of $LUNA is too cheap to maintain security on chain. 👀 https://twitter.com/...

• @bennetttomlin Bennett Tomlin on x

  This means any new LUNA minted has effectively zero value because it lacks the ability to get your portion of the staking rewards https://twitter.com/...

• @timccopeland Tim Copeland on x

  chain has now been halted, so supply will stop at 32.4 billion https://www.theblockcrypto.com/ ...

• @thestalwart Joe Weisenthal on x

  https://twitter.com/...

• @matt_levine Matt Levine on x

  This is a newsletter that is privileged . . . we don't want to give our secret sauce. https://www.bloomberg.com/...

• @cobie @cobie on x

  Tis bit fucked tbh. Their plan is to let hyperinflation of Luna dissolve the bad UST debt, but the chain security of Luna goes down as hyperinflation reduces its price. So the chain is not even safe enough to continue their plan for recovery?

• @cobie @cobie on x

  If luna is halting the chain, does that mean the upwards pressure on ust (and downwards pressure on luna from infinite minting) temporarily ends?

• @profjeffjarviss @profjeffjarviss on x

  When crypto falls from $1 to 1 cent in a day, the media are quick to naysay: “crypto crashes 99%!” And yet, next day, when it doubles to two cents, you won't see “crypto up by 100% today!” Appalling bias.

• @_checkmatey_ @_checkmatey_ on x

  Market carnage, this is my personal read: - $USDT will be back at $1 before long. Tether truthers will bang on about this ‘depeg’ for weeks. - Realized losses 2nd heaviest in history, looks like capitulation - #Bitcoin basically kissed the realized price ($24k). $BTC is cheap htt…

• @mtsw Michael Tae Sweeney on x

  Genuinely impossible to feel sorry for crypto enthusiasts getting wiped out when they showed nothing but extreme ideological hostility for the idea of securities regulation that was designed to protect them from these outcomes.

• @ojuice_eth @ojuice_eth on x

  $LUNA supply is unlimited guys. It will trend asymptotically towards 0 but never hit 0 $100, $10, $1, $0.10, $0.01, $0.001, $0.0001 and so on, until the peg is regained or liquidity is 0. Don't buy at $0.01 thinking it will go back to $10. You're getting hyperinflated

• @atari_buzzk1ll @atari_buzzk1ll on x

  The positive I'm pulling from this $LUNA $UST spiral is that Tendermint consensus proved itself. No longer can people say “well let's see it hold up against ETH levels of daily transactions”. It did it, over 1 Million daily transactions & still cheap fees/ fast finalization.

• @cobie @cobie on x

  Mkt seems to be saying “yes”

• @iamlluciana @iamlluciana on x

  LUNA is irreversibly fucked. Im sad for the homies who were over leveraged and exposed to this ponzi. You will make it back kings

• @tether_to @tether_to on x

  Tether Continues to Honour All Redemptions from Verified Customers During Market Volatility, On Track To Process 2bn Today https://ow.ly/...

• @terra_money @terra_money on x

  1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA. The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.

• @stablekwon @stablekwon on x

  6/ Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before $UST can start to repeg. There is no way around it. We propose several remedial measures to aid the peg mechanism to absorb supply:

• @ariadneconill @ariadneconill on x

  LOL coinbase has now disabled the graphs for a lot of the cryptocurrencies on their platform

• @lukeisamazing @lukeisamazing on x

  https://twitter.com/...

• @traderkoz @traderkoz on x

  $1mil in $LUNA 3 days ago would be worth $1,746 right now This is one of the craziest things I've ever witnessed...

• @mskidchaos @mskidchaos on x

  Bryce Elder's headlines in the Stablecoin meltdown are just🤌🏻. @FTAlphaville my compliments to the chef! https://twitter.com/...

• @trustlessstate @trustlessstate on x

  The 2022 collapse of $LUNA superimposed over the 2018 collapse of BitConnect https://twitter.com/...

• @stablekwon @stablekwon on x

  3/ First, if you don't understand how Terra's peg stabilization mechanism works, here is a good overview: https://twitter.com/...

• @molly0xfff Molly White on x

  hey tether, u ok? 👀 https://twitter.com/...

• @jerallaire Jeremy Allaire on x

  USDC/USDT is the trade of the day. Flight to quality.

• @kadhim @kadhim on x

  Tether has moved off its peg https://twitter.com/...

• @jqt_galaxe @jqt_galaxe on x

  2/ Honestly, No Do Kwon — there is no path forward at this point. I would call it — Game Over. I believe as large as these two projects were — there will be a huge investigation and legal actions will be taken similar to the “Bill Hwang” situation on #WallStreet. https://twitter.…

• @zeitgeistfilm Peter Joseph on x

  Anyone that couldn't see this coming from a mile away has no idea what they're doing. And no. Don't “buy the dip,” like an imbecile. #BitcoinCrash #Bitcoin https://www.independent.co.uk/ ...

• @unusual_whales @unusual_whales on x

  Here's a thread of founder of $LUNA, Do Kwon, calling people poor. His coin is down 99.99% since last month's high. https://unusualwhales.com/crypto https://twitter.com/...

• @nkulw @nkulw on x

  I'm calling it: slurp tweet was the canary in the coal mine for crypto

• @sbf_ftx @sbf_ftx on x

  1) A good point someone brough up recently: really ‘stablecoin’ is used to mean multiple different things. https://twitter.com/...

• @jemgold_ @jemgold_ on x

  crypto bros say astrology isn't real but this is literally happening during mercury retrograde in eclipse season what did you think was going to happen?

• @lawmaster Larry Cermak on x

  I think the only way out of this mess is to temporarily give up on UST, switch to USDT/USDC and fully focus on growing the L1 ecosystem. And then commit to fund collateral or pay off UST bad debt as the L1 grows. If this doesn't happen, both are heading to absolute shit (0?)

• @lubchansky Mattie on x

  it's wild that crypto is collapsing so suddenly and melodramatically. who could have guessed that my pyramid built on stilts, in quicksand, in a hurricane zone, out of matchbooks and playing cards would not be a safe place to live

• @paleofuture Matt Novak on x

  If you invested $100 in Luna one month ago, the fourth most popular cryptocurrency at the time, you now have $0.04.

• @tether_to @tether_to on x

  In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process.

• @adamsamson Adam Samson on x

  Tether has refused to disclose details on its $40bn hoard of Treasuries for fear of revealing its “secret sauce”, even as one of the world's most important crypto assets comes under strain from heavy selling pressure. https://www.ft.com/... w/ @ScottChipolina @eva_szalay $USDT ht…

• @thestalwart Joe Weisenthal on x

  Tether briefly traded below 95 cents this morning https://ftx.us/... https://twitter.com/...

• @matthewstoller Matt Stoller on x

  It's so insane regulators keep doing ‘settlements’ with Tether. Why not, oh, investigate and litigate this massive fraud out of existence? It's a fraud! https://www.ft.com/...

• @whstancil Will Stancil on x

  If you fall for the “We can't tell you where we're keeping our 40 billion in reserves, but it's somewhere very important and secret” line, you must truly WANT to be lied to, on some level https://twitter.com/...

• @jangold_ Jan Nieuwenhuijs on x

  Reminder that tether (USDT) is not fully backed. The first redemptions are the easiest. https://twitter.com/...

• @carnage4life @carnage4life on x

  Everyone knows they're lying about every tether being backed by a U.S. dollar but people are making too much money on this fiction to call them on it. Similar to $LUNA being the 4th largest cryptocurrency being built on a Ponzi scheme called Anchor. https://www.ft.com/...

• @wublockchain @wublockchain on x

  Tether Announcement: Tether has maintained its stability through multiple black swan events and highly volatile market conditions and even in its darkest days Tether has never once failed to honour a redemption request from any of its verified customers. https://tether.to/...

• @ben_mckenzie Ben McKenzie on x

  https://twitter.com/... https://twitter.com/...

• @matthewphillips Matt Phillips on x

  So, who is the George Soros of stablecoins? There's gotta be a fund out there trying to break these pegs. Any ideas? https://www.ft.com/...