Discussion

• @motherboard @motherboard on x

  The most dramatic fall of the crypto crash has been the collapse of the $30 billion Terra ecosystem: its token Luna, its algorithmic stablecoin TerraUSD, and its lending protocol Anchor. https://www.vice.com/...

• @bigblackjacobin Edward Ongweso Jr on x

  UST and Luna collapsed and wiped out the savings of countless people, but the wealthy backers will be fine even without a bailout and they'll eventually move on to their next crypto project. The strong do what they can, the weak suffer what they must. https://www.vice.com/...

• @motherboard @motherboard on x

  UST, which is supposed to be pegged 1:1 to the dollar, is currently trading at $0.15. Luna itself has fallen from over $100 in April to $0.0001 today effectively “going to zero,” in crypto-speak. The price of Anchor's token also fell from $2 to $0.09. https://www.vice.com/...

• @motherboard @motherboard on x

  Terra isn't just another random crypto project: It was propped up by venture capitalists who pumped $150 million into the ecosystem last year, potentially giving investors confidence in the project. https://www.vice.com/...

• @motherboard @motherboard on x

  But how did this all happen, and why? We spoke with several investors in Terra-Luna, some of whom describe financial pain and a loss of faith in a project they once believed in without realizing its true nature. https://www.vice.com/...

• @bigblackjacobin Edward Ongweso Jr on x

  Me & @neuwaves talked to traders that lost savings they couldn't afford to lose but were desperate enough to risk. After years of propaganda from celebrities + hands-off regulation from the government, is it a surprise that so many people gambled on this? https://www.vice.com/...

• @lfg_org @lfg_org on x

  4/ As a result, the LFG Council has voted to execute the following: - Loan $750M worth of BTC to OTC trading firms to help protect the UST peg. - Loan 750M UST to accumulate BTC as market conditions normalize.

• @lfg_org @lfg_org on x

  Below is the new LFG $BTC wallet address: https://blockchain.com/... Last clip withdrawn by the LFG was ~37K BTC. Similar to the last deployment, it has been loaned to MMs. Very little of the recent clip has been spent but is currently being used to buy $UST. Updates coming.

• @twobitidiot @twobitidiot on x

  Where is LFG's Bitcoin reserve?

• @0xfr_ @0xfr_ on x

  @BennettTomlin i want to see evidence they actually used all their reserves maybe they realized it was useless at some point and saved what they could

• @freddieraynolds @freddieraynolds on x

  @Galois_Capital For Terra to have any future LFG and TFL need to open up their books tbh

• @christine_dkim Christine Kim on x

  The Luna Foundation Guard has moved 37,179.99 BTC (~$1.2bn) of its reserves to OKEx. The funds were again loaned out to market makers in an ongoing attempt to re-stabilize the UST peg. UST prices continues to falls. H/t: @AppBreadcrumbs https://twitter.com/... https://twitter.com…

• @adamscochran Adam Cochran on x

  @Darrenlautf 1/2 My hunch is, if their loaning statement was true then either: 1) MM blew up on levered position & is trying to claim they should keep the BTC or 2) They are in denial phase, think they can turn it around, and soon will realize they can't & liquidate it for operat…

• @lawmaster Larry Cermak on x

  @Darrenlautf I am really fucking surprised they didn't publish anything about what they did with it yet. There are some unconfirmed rumors they still have significant BTC reserves left. 100s of thousands of people rekt and no one knows what they did with it

• @nischalshetty @nischalshetty on x

  Hope funds are accounted for as it's part of foundation May be just a case of not having shared the specific wallet address But bigger question is: How did a foundation end up being used as an asset custodian for backing an algorithmic stablecoin 🤔 https://www.theblockcrypto.com/…

• @iamdcinvestor @iamdcinvestor on x

  hey @stablekwon, interesting proposal on how to revive @terra_money but just one question: WHERE THE F IS THE $2B IN BTC from @LFG_org ? PRODUCE AUDITED RECORDS OF WHERE IT WENT, OTHERWISE GTFO AND GO TO JAIL YOU WORTHLESS GRIFTER have a nice day 😘 https://agora.terra.money/...

• @pedroexplore1 Pedro on x

  Did the $2-3B in BTC reserves run out? Are you waiting for UST supply to = remaining BTC reserve to the come announce “hey every UST is no fully collateralized!” I am mad at the silence.

• @altcoinpsycho @altcoinpsycho on x

  1) This is essentially a self-loan to an otc firm 2) basically reads: sell $750m of BTC soon then buy back $1.5 billion worth when price is attractive Yea... we definitely going lower lol https://twitter.com/...

• @bennetttomlin Bennett Tomlin on x

  I hope “Updates coming.” is the last thing that LFG ever tweets https://t.co/dGPTktr5Tc

• @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.

• @terra_money @terra_money on x

  The Terra blockchain has resumed block production. Validators have decided to disable on-chain swaps, and IBC channels are now closed. Users are encouraged to bridge off-chain assets, such as bETH, to their native chains. Note: Wormhole bridge is currently unavailable.

• @stablekwon @stablekwon on x

  1/ I've spent the last few days on the phone calling Terra community members - builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you.

• @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.

• @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

  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/...

• @cz_binance @cz_binance on x

  5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all

• @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/...

• @stablekwon @stablekwon on x

  3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

• @stablekwon @stablekwon on x

  2/ I still believe that decentralized economies deserve decentralized money - but it is clear that $UST in its current form will not be that money.

• @0xhamz @0xhamz on x

  Reminiscences & Lessons from a LUNA critic I was in at least 3 $LUNA war room chats collaborating w/ @stablekwon & TFL 🧵

• @cz_binance @cz_binance on x

  2. An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.

• @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/...

• @cz_binance @cz_binance on x

  3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.

• @stablekwon @stablekwon on x

  4/ We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.

• @stablekwon Do Kwon on x

  5/ There are multiple proposals on Agora on the best steps to move forward for the community - after having read many of them, I've put down my thoughts of what I think the best steps are: https://agora.terra.money/...

• @katie_martin_fx Katie Martin on x

  look i'm trying not to laugh. i am. “GAM Holding AG is not in negotiations with Terraform Labs to support the Luna stablecoin” https://www.globenewswire.com/ ...

• @davidgokhshtein David Gokhshtein on x

  Not a great look for $LUNA / $UST when CZ opts to talk comment on your protocol publicly. https://twitter.com/...

• @giganticrebirth @giganticrebirth on x

  English poet Thomas Howell used to have an old idiom; don't count your chickens before they hatch I have acquired the 120,000 LUNA shares necessary to cover “risk” associated with the 20 million USD in escrow pending March 2023 price Final cost basis to cover: 72 cents https://tw…

• @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/...

• @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/...

• @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/...

• @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/ ...

• Vox Rani Molla on x

  Is this another tech bubble bursting?

• @sruhle Stephanie Ruhle on x

  Crypto Craze - this says a lot https://twitter.com/...

• @pkafka Peter Kafka on x

  Is it March 2000 again? Could be maybe. But also it's different this time.🤷‍♂️ Words and charts from me + @ranimolla https://twitter.com/...

• @anisha_moonka Anish Moonka on x

  In July last year, Kwon replied to an economist who criticised his stable coin: “I don't debate the poor on Twitter, and sorry I don't have any change on me for her at the moment.” https://markets.businessinsider.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/...

• @wikisteff Steffen Christensen on x

  Two things to check out: first is @matt_levine's analysis of the structural integrity of the global financial system as cryptocurrencies are integrated into the system... and our collective exposure to these new asset bubbles/meltdowns. https://twitter.com/...

• @sarthakgh @sarthakgh on x

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