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How This Man Just Caused a $45 BILLION Crash [Terra Luna]

ColdFusion
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Do Kwon thought he could rule the crypto world with Terra Luna, instead what followed was the largest failure to occur in the crypto space.
Correction at 1:58 I showed the screenshot of the wrong project, it's supposed to be 'Basis Cash', not 'Basis Markets'. Sorry about that.

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Sources:

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www.coindesk.com/business/202...

www.bloomberg.com/news/articl...

www.coindesk.com/layer2/2022/...

www.euronews.com/next/2022/05...

decrypt.co/100434/what-happen...

fortune.com/2022/05/13/terra-...

coinjournal.net/news/the-10-m...

www.coindesk.com/business/202...

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2022/05/19

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تعليقات 13 592
ColdFusion
Through The Web Podcast episode where we discuss this story:
Indica Badu
My cousin was heavily invested in Luna, he had all his savings there. I had some financial issues two months ago and asked him for help, he was reluctant at first but lent me almost half of what he had there. He called me two days after the crash thanking for needing his help, although he lost the rest of his savings he knew he had some safe with me. I just paid him back two days ago and he called to thank me again this morning.
The Russian Floof Cat
If I remember correctly, Do Kwan actively, on twitter, encouraged and challenged billionaires (or people with access to billions) to attack Luna in the manner described. Being so confident as to imply that Luna is attack proof.
tommy karrick
“There’s entertainment in watching companies die”
Lina Michaud
Lina Michaud 19 ساعات قبل
I will forever acknowledge this channel with the help of your lessons and ideas explanations, Now It's quite helpful while you'll just sit at your comfort and monitor your account Growth
_swork_
The ego of Do Kwan was massively understated in this video. Multiple tweets to Do explaining exactly how this attack could unfold beforehand were met with Do saying he "dared billionaires to try" and mocked people on twitter saying 'have fun staying poor." He literally invited this attack. And Terra was planning on buying $10b worth of BTC to back UST which would have severely impacted the entire crypto market when he market dumped BTC to try to save UST. He's in a video saying his plan was to acquire that much BTC because if UST failed, the whole crypto market would fail....essentially looping the entire asset class into his ponzi-nomics.
NotYourMom YouSnowflake
Dork Kwon was either incompetent or complicit, either way, he has no business re-launching Terra 2.0 or any crypto project for that matter. Once trust is broken in this space, that's it.
Rand M
Do Kwan actually saved me thousands of dollars. I was very close to shifting the money I had in Bitcoin to Luna when it was at about $110, so I started to do some research and reviewed his Twitter account. When I saw how he responded to legit concerns about his project with childish insults (calling people poor) I knew right then and there I did not want him managing my money. If he can't defend well thought out and reasonable concerns on Twitter, how could he defend his peg when it was under a brutal attack. So glad I passed.
DoubleD
Do Kwon: “There’s entertainment in watching companies die”
maximosh
It was the 20% return. You cannot create that value from nothing, the intrinsic value would halve every few years, despite what people and the market valued it at.
Gin Gangooley
I lost $500 on ust. Not life changing, but it pissed me off. I can't imagine how retailers cope with losses of 4,5 possibly 6 figures with Luna. I hope you guys and gals find peace.
Kayos LaRock
Thank you so much for this informative video it has helped me greatly. Most time people don't know where to start when it comes to investment. But great investors can provide proper guidance...
Thomas Dooley
Thomas Dooley أيام قبل
Most people venture into crypto to be millionaires, meanwhile i just want to be debt free
Your Dad Has A Dog Filter
I'm no financial expert, but whenever I hear about such high returns, alarm bells go off in my head. To pay out that much, there has to be some sort of 'robbing Peter to pay Paul' sort of stuff going on
FabiWan
I got out of "stable" coins about an year ago when I found out that they use cryptos and other risky assets as collateral instead of just bonds. Since then I call them unstable coins.
Marlene J. Mendoza
Great video! My acknowledgement to you for your knowledge on business lesson that helped me understand the market trial with real reason why people get poorer, And How to Avoid this situation
Roy Malyn
Roy Malyn 21 أيام قبل
Great video, thanks for making it easier for me to understand. Much appreciated.
CloneTroopah
Thank you for providing a fantastic full writeup on explaining the peg. As someone from outside of crypto, it does a great job as informing people of how Stablecoins are designed to work. Great work Dagogo!
Malika Lim
Malika Lim 21 أيام قبل
Thanks for continuous great videos, I feel those who would allow the Market dynamics to determine when to trade or not are either new in space in general or probably just naïve, the sphere have seen far worse times than this, enlightened traders continue to make good use of the dip and pump even acquiring more equities towards trading sessions, I'd say that more emphasis should be put into trading, since it is way profitable than holding. i would say trading has been going smoothly for me, all thanks to Jianjun Mason for his amazing skills for help me to earn 17 BTC through trading chart.....
Twiiidy
It feels amazing watching a thorough historical documentary of an event that happened THIS MONTH
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