Bloomberg Law
May 18, 2022, 3:22 PM

Let’s Talk About the Luna Losers in Terra’s Implosion

Tracy Alloway
Tracy Alloway
Bloomberg News

The collapse of the Terra stablecoin and its token Luna is a massive deal for the crypto world. Not only was Luna a top 10 cryptocurrency by market value, but the UST stablecoin was also pitched as an important experiment in the world of digital money.

But it’s not the first time a massive coin has come crashing down to earth.

The history of cryptocurrencies is littered with examples of ‘important’ coins that have ridden off into the sunset of irrelevance after a brief moment in the spotlight. And while much is made of people who’ve netted millions from Bitcoin, ...

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