Terra Luna Supply Balloons Ahead of Historic Crash
- DeFi
- Stablecoin
On May 1, 2022, Terra's Luna token supply started its infamous hyperinflation, a prelude to the catastrophic depeg of UST. Billions of Luna tokens were minted in days as the algorithm tried to stabilize UST, diluting holders into oblivion. CT watched in horror as the death spiral unfolded, with Do Kwon's tweets downplaying the crisis becoming instant memes. This moment marked the beginning of one of crypto's darkest chapters, wiping out billions in value.