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[Newsmaker] Creator of Korean-made cryptos under siege after wiping out $37b
[Newsmaker] Creator of Korean-made cryptos under siege after wiping out $37b
MarketsMay 16, 2022
Just a few days following Kwon’s comments, the collapse of the two linked cryptocurrencies began on May 9 as the price of UST fell below $1 amid worsening global crypto market sentiment and the struggling prices of the flagship cryptocurrency bitcoin. The tumbling price of UST led to rushed sell-offs of luna, creating a “death spiral” situation that could wipe out the faith of investors altogeth...