Quote from: Menawi12 on Today at 10:54:08 PM

Quote from: strunberg on Today at 10:32:49 PM

Quote from: diffract on Today at 12:02:42 PM

We know algorithmic stablecoins are new and risky. UST is backed by Luna, and the foundation behind Luna bought so much Bitcoin I believe they're now amongst the top 10 holders.

If UST loses its peg against the dollar and Luna isn't enough to bring it back up, the foundation will have to sell some of its BTC to keep the peg, which applies sell pressure on BTC and brings it down along with the whole crypto market.

Is this what's happening now already?

looks like they start selling bitcoin to buy ust, recently UST price down to 0,83 and it is not be stable coin anymore with its value. i am agree luna foundation now breaking crypto market with their algorithm . bitcoin would not be stable and keep cracking down due it usage by luna.i heard in twitter their bitcoin move from wallet and we dont know what will happen next with this tranfer.

based on whales tracker it true there is bitcoin tranfer above 40k bitcoin to centralized exchange, if its true from luna foundation guard maybe it will dumped for buying ust which is failed to pegged $1. even ust price drop tp 0,84 recently and with this condition LFG has possibility to dumpbitcoin and back ust.

If this is true and luna is selling its security fund, then the structure of this project is not bear market immune. It looks like this project was simply poorly constructed and poorly secured. If the price of Bitcoin continues to fall, Luna may completely collapsed.