We have witnessed Luna coin fall from grace to hell, going to zero overnight!

Simoni797

"As the saying goes, ""Heaven and Hell can be just a thought away,"" and this perfectly describes the world of cryptocurrencies. Luna coin, a cryptocurrency, plummeted to zero overnight, falling from its godly heights to the depths of hell. On the 11th, it was still at $31, but in just one day, it cascaded down to $0.6 in a waterfall-like crash. This storm has affected at least tens of thousands of investors who have lost everything.

This turmoil is caused by Luna coin, which is a cryptocurrency designed by a South Korean cryptocurrency exchange. It ranks sixth globally and is not one of those minor players like meme coins. Luna coin serves as the mining currency for the South Korean Terra platform, and Luna is the world's third-largest stablecoin, UST. The former provides issuance to the latter, and UST is anchored to the US dollar, maintaining a long-term exchange rate balance of 1:1 with the US dollar, essentially acting as an anchor in the forex market. However, unforeseen events struck, and everything was destroyed overnight! Without any warning, UST suddenly lost its anchor to the US dollar, rapidly plunging to its historic low of $26, dragging Luna into the abyss.

It is reported that the South Korean Securities Exchange organized a market rescue operation exceeding $1.5 billion in scale, but it proved futile in the face of the global sell-off. So far, no international institutions or individuals have spoken out about the cause of this collapse. Typically, the market self-arbitrates through the above two operations, objectively helping to maintain the anchoring relationship between UST and the US dollar. However, when the cryptocurrency market experiences severe volatility, this stable mechanism of supply and demand self-regulation will fail, and large-scale liquidation events may occur, further leading to the collapse of UST credibility and a downward spiral."

Shri333

This kind of investment is either heaven or hell.

Niti998

Don't trust any coin.

Janak9955

This kind of thing, you can never feel its cruelty if you haven't bought it yourself.

Kapil334

This is the virtual world, where you can't touch or feel it, yet it hides deadly dangers.