Truly, the founders and creators of LUNA and the stable coin UST has succeeded in scamming the whole Crypto industry.
First, they created an ecosystem project LUNA and then moved on to create another project ANC and finally lunched a scam stable coin UST to back ANC.
After that, they convinced exchanges to peg their stable coin UST to other coins.
And they swiped their LUNA holdings into the value equivalent or reserve for the UST but LUNA didn’t drop in price; which was very fishy (on normal, their LUNA holdings should have served as the value backing for the UST, yet nothing of such happened) a couple of people lamented then about whole situation and how weird it was, but because they used the UST then to buy up over $3 billion BTC, many were happy thinking that the founders were helping to buy us out from the bear.
Now, BTC is crashing and they wickedly withdraw $1.5 billion BTC from a dipping Market which resulted in the crash of LUNA, ANC and their stupid UST.
This is a broadday robbery.
And sincerely, this shows us some weekness that still exist in the crypto industry.
The more reason BTC is crashing more and more. From the look of things, if BTC looses $30k and didn’t bounce back quickly from $29k, it will sure text $22k.
And that will create a massive institutional fear.
But not to worry, the market won’t crash and this is not the end of crypto, we will still see a bounce back.