Investors take huge hit as TerraUSD and Luna crash, dragging down cryptocurrency market

TerraUSD, or UST, was tied to the United States dollar using an algorithm but lost its peg over the weekend. PHOTO: AFP
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SINGAPORE - Investors in the cryptocurrency universe were sent scrambling after the sudden and dramatic crash of stablecoin TerraUSD, known for its stability, triggered a sell-off that has spread to other digital tokens in the market.

TerraUSD, or UST, is a stablecoin - a breed of cryptocurrency known in the digital asset market to be more stable and has thus gained traction with traders.

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