Can someone explain the TerraLuna crypto bankruptcy today?

[Uncle Muscles]

Like I’m your muscled up uncle?





How do they track this lol

 

[quickfeet]

The TerraUSD stablecoin always relied on crypto LUNA for stability, allowing the stablecoin to be replaced with LUNA any time TerraUSD dipped below $1.

The algorithm connecting the coins was broken and when LUNA prices dropped with the rest of the crypto market, the stable coin that needed to remain a dollar collapsed to $0.35. The supply of LUNA started spinning out of control to try and correct the stable coin and I think something like a trillion LUNA were created yesterday to try and stabilize the TerraUSD. As a trillion LUNA were created the LUNA bag holders saw the value of their coins go to zero

 

[Emma tenywa]

This when you remember to never put all your eggs in one basket

 

[tiderollsonu]

Spoiler

 

[22*43*51]

Not sure what is holding Tether together at this point either.

 

[Nayat]

Sounds like their Kohl’s cash expired.

 

[TopHook]

Idk much about stocks. I stayed far away from that shit.
Buy the dip correct?

 

[brenn_man20]

How any LUNA were there prior to the big jump in coins the other day?

Also is there a difference between LUNA and Wrapped LUNA?