Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock and crypto trader receives jail sentence for Ponzi scheme: Hodler’s Digest, May 8-14
Breaking: blockchain officially halted following LUNA price collapse
This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar and continued to crash.
At its lowest point during the week, UST fell to around $0.13, according to CoinMarketCap. The meltdown also affected LUNA due to its symbiotic relationship with its sister asset. After reaching a high of $120 in early April, LUNAs value plummeted this week to basically zero.
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