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The DeFi Chronicle: 3 Expensive Lessons I Learned From the Terra Luna/UST Debacle
Most of us in the crypto community are feeling much pain right now. Bitcoin has put in lower weekly closes for six weeks in a row. Many altcoin projects are 90–100% below all-time highs. Celsius, Nexo, and BlockFi have cut off easy access for many investors to earn a yield by loaning out their crypto. And now, we have the scorched earth remaining from the Luna/UST nuclear blow-up.
In my next article, I will share how we may have some good things coming from this. But let’s first come to terms with setting the broken bones and sewing up our scars before discussing how beautiful our future selves may be after the healing, plastic surgery, and rehab.
Like millions of others, I lost a significant portion of my portfolio due to the Luna/UST exploit. Even if you don’t own Luna or if you didn’t have funds in UST, there’s a good chance you felt collateral damage from the impact of tens of billions of dollars leaving the space. Of course, the nefarious actors were handsomely rewarded for their heinous acts. But crypto is the Wild West, and if you are carrying a gun, don’t be surprised if you get shot.
No one knows who was behind the exploit or the details of exactly how it happened, but that’s not too important right now because these answers won’t get us our money…
