Death on Two Legs
By Keith Teare • Issue #309 • View online
Terra’s LUNA token lost 99.99% of its value in a flash and UST, its stable coin, lost close to 80%. This is not supposed to happen. The FT disclosed Tiger Global may be down $17 billion as the tech stocks collapsed. Are crypto and unicorn investing dead?
Contents
- Crypto Apocalypse
- Venture Schizophrenia
- Innovation of the Week
- Essays of the Week
- Startup of the Week
- Tweet of the Week
Editorial
Another week another meltdown. Last week’s newsletter was titled “Markets in Freefall”. This week we have gone with “Death on Two Legs”.
It seems that no asset class has gone untouched by the retrenchment in asset values. Property remains relatively unscathed and the US $ is strong despite inflation. But beyond those two, wow!
The center stage must go to UST, the stable coin (sic) that is part of the Terra blockchain and ecosystem. It is down, as I write, by 56% in a couple of days. Its low was down almost 80%.
LUNA, the token that backs it up has declined 99.99% in the same time and is now trading at just over $0.01 per LUNA. The words of the Queen song from A Night at…
