Pulling apart the biggest story in crypto
After a massive sell-off led to Terra’s stablecoin UST losing its US dollar peg earlier this week, the organization’s native LUNA token also went into free fall. As LUNA lost 100% of its value in the past 24 hours and UST fell as low as $0.14, Terra network validators have now paused the blockchain. They hope to apply a patch to restart operations and avoid potential attacks.
Terra became more susceptible to attacks as LUNA is the governance token of the network. Due to its incredibly low price, bad actors could potentially take control of the network by gaining a large portion of LUNA tokens at a discounted price and using them to sway governance votes.
Terra overshadows bear market
It’s not often in a week that BTC and ETH have lost around 20% in value, but another story dominates headlines. However, that’s exactly what’s happened this week as all eyes rest on Terra. The network made headlines earlier this year,…
