In 2018, the Terra project was born, led by ambitious entrepreneur Do Kwon. His goal was to build a decentralized financial empire based on stablecoins. Over time, LUNA became the backbone of the system, playing a pivotal role in supporting the UST stablecoin.

✹ Do Kwon was living a life of luxury, appearing in the media and confidently talking about his project that would change the financial world forever. Everything seemed perfect... for LUNA coin that skyrocketed!

📌 2/ Ascent of LUNA:

In 2021, things started to change for LUNA, and it became the center of attention. The coin went sky high! It rose to over $100, and Terra was on its way to becoming the new economic powerhouse in the crypto world. Do Kwon became the talk of the market, and the world began to look at him as the new “Elon Musk” of the crypto world.

Can you imagine how fast the project went from zero to billions of dollars in just a few months?

📌 3/ The beginning of bleeding - the unexpected collapse:

But
 behind this legendary rise was a problem that no one noticed. UST, the stablecoin on which the project was built, relied on a complex system that was buckling under market pressure.

đŸ”» May 2022: Doubts begin to swirl about the stability of UST. The currency loses its peg to the dollar, an event that ignites a major crisis. Blood begins to flow! Investors rush to the exits, leaving LUNA to face an uncertain fate.

📌 4/ Death Spiral – LUNA Collapse:

Like a ship sinking in the middle of the ocean, the LUNA project began to lose control. Every attempt to save UST was making matters worse, as billions of LUNA were burned to re-peg UST to the dollar, but... the amount of LUNA ballooned exponentially!

✹ Imagine trying to save a punctured ship by pouring more water on it instead of fixing the hole...! This was the case with LUNA and UST.

The currency, which had been trading above $100, dropped to fractions of a cent. Investors stood in shock as their money evaporated before their eyes.

📌 5/ The life of luxury collapses:

Do Kwon, who had been living a life of luxury and extravagance, found himself caught in the storm. The media and investors demanded an explanation from him, while the market was bleeding.

✹ From the king's throne to the guilty seat, Do Kwon lived a dramatic "rise and fall" story no less than Hollywood movies.

📌 6/ The inevitable end:

Despite his attempts to salvage the situation by launching LUNA 2.0, Do Kwon could no longer turn back the clock. The trust built over years was shattered in weeks, and investors no longer wanted to ride a sinking ship.

The end of the LUNA story is not just about a currency collapse... it is an important lesson in the world of crypto, where an ill-calculated adventure can lead to losing everything.

📌 7/ Lessons learned:

✹ LUNA's story is a lesson for those who take risks without clear plans, and for those who get carried away by rosy dreams without paying attention to the risks. You must always be careful in the world of crypto, as things can change overnight.

Will you continue the adventure or learn from this devastating collapse?

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