2022-05-18 23:12:18
Events that lead to the market crash/ Terra Luna recap:
-Do Kwon dissolves Luna’s Korean entity.
-Federal govt raise interest rates. This is the first thing that triggered the crash.
-A few massive withdrawals from Anchor, Terra-based decentralized finance occur dropping UST deposits from $14 billion to $11.2 billion.
-UST becomes depegged and takes Luna down with it. Both tokens continue on a downward spiral.
-LUNA foundation Guard sells more than $2,400,000,000 in BTC for UST
-ETH was also sold to help support UST.
-Binance and crypto.com suspend Luna trading
-crypto.com resumes Luna trading
-Terra blockchain temporarily halts trading
-Do Kwon faces death threats
-Binance and Huobi resumes Luna trading
-Crypto.com reverses profitable Luna trades
-Do Kwan proposes Terra Luna fork but leave it up to community vote
-South Korea Launches an emergency investigation into Terra
-Coinbase says it will suspend UST and WLUNA on May 27th
-BNB chain offers support for projects migrating off the Terra chain
-South Korean law firm LKB sues Do Kwon on behalf of those who lost money in UST.
-84.6% of people vote for Terra to fork rename and create a new blockchain for $LUNA without $UST. The old chain to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA)
-Terra form labs owes $78.5 million in taxes to South Korea
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