🔮Two years ago, Terra’s LUNA cryptocurrency experienced one of the most catastrophic collapses in the history of the crypto market, falling in price by 99.999%. At the beginning of May 2022, LUNA's price was around $100, but by May 15 it had fallen to less than $0.002. This sharp drop resulted in investor losses exceeding $7 billion.🌟🌟The collapse was triggered by the failure of Terra's algorithmic stablecoin, US Terra (UST), which was supposed to be stabilized by the liquidity of LUNA. However, this model failed as UST had no support and was very volatile.🧧 When UST lost 40% of its value, LUNA's price fell irreversibly. Some traders benefited from the fluctuations, but many investors lost significant amounts, including life savings. Terra founder Do Kwon fled and became a fugitive before his arrest at Montenegro International Airport. Both South Korea and the United States sought his extradition for financial crimes, and South Korea eventually succeeded in his extradition. Do Kwon's attempt to save the project by launching another cryptocurrency, also called LUNA, failed, resulting in both tokens, LUNA and LUNC , turned out to be practically useless.This event highlighted the inherent risks of the altcoin market, highlighting the importance of cautious investment strategies. Another major scandal with the FTX exchange soon followed, highlighting the instability and potential for fraud in the crypto industry.

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