How the Anchor protocol helped sink Terra
by Elizabeth Lopatto from The Verge - All Posts on (#5ZF5Y)
Illustration by Alex Castro / The Verge If Do Kwon didn't exist, someone would have had to invent him. For instance, there's the bets he made - worth $11 million in total and held in escrow by Crypto Twitter influencer Cobie - that his token Luna would be worth more in a year than it was in March 2022. Fond of insults such as continue in poverty ser," u still poor?," and I don't debate the poor on Twitter," Kwon is the boisterous, combative co-founder of Terraform Labs, best known for the ongoing disaster that is Terra / Luna.
As of this writing, Luna is worth less than a cent, and its sister token Terra, which was meant to be pegged to a dollar as a stablecoin, is worth 6 cents. An investor, who told reporters from Yonhap News Agency he'd lost 2 to 3 billion won (about...