It has become a new chapter in the history of the global crypto industry. Because within just 5 days from May 9, 2022 at 1:39 AM, LUNA coin still moved at 2,322.56 baht, which is the highest price in 3 days before falling sharply by more than -100% in value. Negative in just 5 days, Terra’s LUNA price has lost its value. collapse into digital air masses by default As of early today, the Bitkub exchange has suspended all LUNA transactions from severe volatility and may be preparing to delist the coin from the board.
Why did the LUNA (Terra) coin collapse into digital ash? In just 5 days…..what happened?
might be a coincidence Or the damned Do Kwon caught up with LUNA, I don’t know. Because the moment of the collapse of the LUNA coin coincided with the event of stimulus measures to raise interest rates. to solve the inflation problem in the United States by the US Federal Reserve which is not only that Because from the latest month US inflation, which has soared to more than 8.3%, reflecting the economy that Federal Reserve Chairman Jerome Powell (Fed) cannot remain silent. because if delayed May cause inflation crisis numbers can rise again Therefore, it is necessary to accelerate the use of strong drugs to kill the poisonous economy of the country that is littering the swamp. and the inflation virus It spread to many countries from the problems caused by COVID19, hoping to stimulate the recovery
Meanwhile, LUNA itself is also announcing its move towards Terra Chain’s Anchor Protocol coin savings platform, which boasts interest rates as high as 20%, allowing people to convert their money during the bear market to USDT in order to bring in USDT. Come to save in Anchor Protocol. At the time, saving money in the platform was considered a low-risk and safe investment form.
From the perspective of @OnChainWizard’s LUNA coin analysis. via twitter that people are shorting bitcoins It can be expected that it is a whale or a fund, which (whale) in the cryptocurrency market means investors with cryptocurrencies. especially bitcoin in possession of a large number
this attack Caused by a weakness of the Luna Foundation Guard system, or the LFG currency that protects it but is not yet complete. And so the bitcoin shock was born to attack this weak point. The method was to buy a lot of UST and when the shock plot started It pressed the price down to the market quickly, making UST unable to grow further. and cause the confidence of investors to lose And make people worry and sell to make the least loss. This mechanism creates a vulnerability to LUNA, because if UST and LUNA currencies cannot interchange perfectly, LFG will have to sell bitcoin. To bring money to buy UST, all currencies were completely attacked: Bitcoin, LUNA and UST fell.
While Mr. Kannithi Thongthanakul, owner of the Kim Defi Daddy page, gave his perspective on the LUNA coin through the Kim Defi Daddy page that “With the mechanics of UST and trying to get $1 back, there has to be a massive Mint Luna coming out, so far Total Supply has surpassed 3.1 billion Luna. Anyone wishing or glue Luna now, put a bag of glue together. I warn with good hope Because right now I can’t even imagine how much Luna will go down. Not counting the Terra Chain Validator Node that have Unstake Luna for sale.”
This means that LUNA acts as a collateral to maintain UST’s dollar in accordance with Terra’s flexible monetary policy. Thus, when UST exceeds $1.00, the Terra protocol encourages users to burn LUNA and mint UST, and vice versa. When the price of UST falls below $1.00, the protocol rewards the user for burning UST and mint LUNA, so during a reduction in UST supply, the valuation of LUNA should decrease. As UST’s supply expands, LUNA’s valuation will increase, but as the LUNA mint problem continues to grow, without a balance of supply and demand By sticking to a high-interest savings promotion to attract investors (although LUNA is trying to reverse course by lowering the savings interest rate it offers to investors), and LUNA announced that it will burn 1,388,233,195 USTs in total. accounted for 11% supply available to balance But it seems that it’s too late to lose because of inflation in the system itself, LUNA presses the self-destruct switch.
Many recent forums In particular, young crypto exchange Bitkub has announced a temporary halt of trading LUNA. Around 9 o’clock today (13 May 22) the LUNA price on the Bitkub exchange hit -100%, becoming the 1st TOP Loser of today, and the decimal point of LUNA has been added. Come 10 more digits before trading stops. And the trend may be Delist off the board in the following order. Foreign exchanges such as Binance have also announced the delisting of LUNA from the system. They will be gradually withdrawn from the system of coin pairs and trading types respectively.
Friday 13 May is a scary Friday for many investors. Because many people who collect LUNA coins from the beginning of the thousands It flows down into the hundreds and tens digits until the unit digit and its value is depleted. Which has both cut cuts to cut losses in time, and let them be kept as digital sacrificial coins as souvenirs or put in a hardware wallet to wait for the day to come back to stand above 3,000 baht / coin, which we do not know yet. until when
The rapid decline of LUNA will not only mark the history of the crypto industry, but It has also become a tragedy for investors around the world. One of them was a Bharat investor who lost over $1.2 million on his investment, or about 41.67 million baht, by attempting suicide by @Akassh03, who owns the Twitter account. A friend posted a story under a tweet from Terraform Labs founder Do Kwon, who owns the LUNA token: “A friend of mine tried to commit suicide. But we saved him in time. He is now in the ICU. which he lost $1.2 million $LUNA $LUNA What did you do?” he posted a picture which was supposed to be a letter to order before his death.
Meanwhile, Terraform Labs founder Do Kwon, the owner of LUNA, appears to be in dire straits. After the collapse of the LUNA coin, it became a stagnant target for damaged investors, to the point that Do Kwon had to request the police to provide security. It was reported on May 13 that a mysterious man broke into CEO Do Kwon’s apartment and rang the doorbell at around 6:23 p.m. yesterday. The report states that unidentified Mr A had arrived in front of Do Kwon’s residence, with unidentified Mr A arriving in front of Do Kwon’s residence via elevator and stairs. After walking through the gap between the residents from the central entrance to the apartment where the victim lived, Around 6:00 p.m. on May 12, after which Do Kwon filed a complaint with the Songdong Police Station. in Seoul to seek emergency protection and are designated as crime victims in accordance with safety measures. (personal protection) of South Korea, after which the police said As a security measure, a person who may be a victim of a crime may have to enter the safe house protection and protection measures as prescribed by the police as well as to investigate the suspect further
Do Kwon or Do Kwon is well known in the industry. He is the CEO and founder of Terraform Labs, the Terra blockchain network, and owner of LUNA and Stable Coin UST, which was once a cryptocurrency trading currency. The 3rd largest in the world. Currently, Do Kwon is 31 years old, born and raised in South Korea. in the family of pharmacists and medical device sellers Meanwhile, from being teased by friends in childhood as being a nerd attached to almost every theory However, his family’s austerity drove Do Kwon to study computer science at Stanford University. After graduating from college, Do Kwon decided to work for Microsoft before splitting up to form Anyfi, a network broadcasting company. which has been well supported by the South Korean government which shortly after became a turning point in his life that made him known to crypto and deflected into The crypto industry is so mature that it has built Terra, the world’s 1 in 10 blockchain network.
Terra’s strengths cover almost all cryptocurrencies, with LUNA being the flagship of DeFi Protocol’s Governance Token, Anchor, Mirror and Stable Coin UST, and Terra Blockchain, a chain of cryptocurrencies. itself in association with other providers
Even the world has recognized Do Kwon as a young genius. Be the white elephant of the crypto industry. and the pride of the South Koreans, but a normal human being is like a coin with two sides. On the other hand, Do Kwon’s dark side became his heroism and repulsive behavior. become something that creates a mark on life and negative memories of the founder of LUNA Coin in the crypto world, from his tweet: “I don’t debate the poor on Twitter, and sorry I don’t have any change on me for her at the moment.” Who will the change be given?)
He also posted a disdainful tweet about his competitors, saying: “By my hand $DAI will die.”(DAI coin will die with my hand) too.
But one thing that should be remembered for Thai investors and Thai economic agencies as well is that he made a defiant announcement to the Bank of Thailand? The Bank of Thailand plans to create a digital baht. “Thai Baht Digital, or THT”, which Do Kwon said on Twitter with pride that “THR will be created and implemented regardless of whether the Bank of Thailand likes it or not,” which would be a stone’s throw or challenge to Thai financial regulators. But today, what is proving the uncertainty of the crypto industry that has engraved Do Kwon and LUNA tokens in 5-day history -100%, we may well see LUNA return soon. Or go and go back and never come back. which there is no predictable future after this
1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA.
The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.— Terra (UST) ???? Powered by LUNA ???? (@terra_money) May 12, 2022
They always fear you before they join you.@terra_money now putting central banks on guard. $THT will be adopted whether BOT likes it or not.
???? pic.twitter.com/MTzBPlsabj— Do Kwon ???? (@stablekwon) March 18, 2021
