UST, TERRA and LUNA — One for the Crypto History Books.

The price for LUNA fell a mind-blowing 97.7% on the 11th of May 2022 following an arbitrage exploit for UST — an algorithmic stablecoin provided by LUNA, which de-pegged from its usual $1 price. UST reached a low of $0.2 before climbing back up to $0.61.

The drop led the LUNA team to sell $1.5 billion of their Bitcoin reserves, flooding the market with Bitcoin and causing the entire crypto market to dip a further 30%.

This is an unprecedented and wild ride for any LUNA holder, and definitely a unique event that will go down in Cryptocurrency history, and will be remembered years from now.

UPDATE: As of 12.05.2022 — LUNA has fallen an additional 99.47% from yesterday’s low of 1$ before reaching a new low of $0.02. This is the first time in crypto history where a high market cap asset keeps on losing 99% of its value for two days consecutively.

UPDATE 2: As of 14.05.2022 LUNA minting finally stopped and the coin has found temporary support at $0.0003.

UPDATE 3: Get a pulse check for every day since the Terra, LUNA and UST crash. Or continue reading to understand how it all happened in the first place.

UPDATE 4: The CEO of Terra Labs had proposed a revival plan for LUNA — read all about it here.