SINGAPORE - It has been described as the "Lehman Brothers" event of the crypto world and heralded to bring forth a cryptocurrency winter. The collapse of TerraUSD, one of the largest algorithmic stablecoins, has sent shockwaves across the world.
The stablecoin was not backed by fiat currency or financial assets, but by another token, Luna. TerraUSD and Luna are tokens that run on the Terra network, a blockchain-based project developed by start-up Terraform Labs, which is registered in Singapore.
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