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What happened? Terra debacle exposes flaws plaguing the crypto industry -Breaking


How did this happen? The Terra scandal exposes the flaws in crypto industry

This week was a difficult one in crypto history. The total market capitalization fell to $1.2 trillion, the lowest level since July 2021. Largely, the turmoil has been caused by the Real-time decomposition Cosmos-based protocol for generating a number of algorithmic stablecoins.

Terra, approximately a week before the earthquake (LUNAWith a single token, ), ranked number 10 on the most popular cryptocurrencies. TradingThe asset was priced at $85. The asset’s price had fallen to $15 by May 11th. Within 48 hours the price of the token dropped to $15.