I'll admit I didn't care enough to follow this closely, and it feels like adding insult to injury, but did they really have 45,000 Bitcoin to "back" their "stable" "coin"? It just dropped under $0.30!

So let me get this straight again: they had 45,000 Bitcoin to "back" their made-up "stablecoin", and to keep it stable, they have to sell Bitcoin when Bitcoin drops. Selling tens of thousands of Bitcoin means Bitcoin drops further, which means the more they sell, the lower their "stablecoin" gets! That's as dumb as it gets!
Who thought this was a good idea? It would have been more stable if they shorted Bitcoin instead of keeping Bitcoin.