Terra Luna Price Plummets 64% Amid UST Depeg Crisis
- DeFi
- Stablecoin
Terra's LUNA token crashed 64% in a single day as the UST stablecoin began losing its peg, sparking panic across CT. Billions of LUNA were minted to try stabilizing UST, ballooning supply 20-fold in just days and cratering the price further. This was a red alert for the algo-stablecoin model, with Do Kwon's empire teetering on collapse. CT watched in horror as one of DeFi's biggest experiments unraveled in real time.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $0
- Status
- Total loss
The Terra ecosystem spiraled into a death loop, with UST and LUNA both collapsing in the following days, wiping out billions and shaking trust in algo-stablecoins.