In the past several hours, UST stablecoin lost its peg and dropped to as low as 69c to the dollar. As a result, the Luna token also saw severe drawdowns and the entire market braved volatility.
Here is an explanation of what happened to UST/Luna: https://twitter.com/jonwu_/status/1523793482850050048
Other articles: https://www.coindesk.com/business/2022/05/09/ust-stablecoin-falls-below-dollar-peg-for-second-time-in-48-hours/
https://decrypt.co/99849/terra-stablecoin-peg-slips-despite-loan-bitcoin-reserves
Additional resources: r/TerraLuna (the official sub-reddit)
Note: Since this is a Megathread topic, general posts on this topic will be removed and directed to the megathread.
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