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