How the Anchor protocol helped sink Terra

If Do Kwon didn’t exist, someone would have had to invent him. For instance, there’s the bets he made — worth $11 million in total and held in escrow by Crypto Twitter influencer Cobie — that his token Luna would be worth more in a year than it was in March 2022. Fond of insults such as “continue in poverty ser,” “u still poor?,” and “I don’t debate the poor on Twitter,” Kwon is the boisterous, combative co-founder of Terraform Labs, best known for the ongoing disaster that is Terra / Luna.

As of this writing, Luna is worth less than a cent, and its sister token Terra, which was meant to be pegged to a dollar as a stablecoin, is worth 6 cents. An investor, who told reporters from Yonhap News Agency he’d lost 2 to 3 billion won (about...

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