[WORD_ON_THE_WEB] 'They knew what they were getting into'Cryptocurrencies Luna and TerraUSD's prices have plunged, causing a ripple in the global crypto market.
Luna plunged 99 percent lower and Terra 85 percent.
The joint collapse, nicknamed the "deadly whirlwind," was initiated when Terra nosedived. This happened because Terra’s system was different from other stable coins.
Terra’s algorithm stabilized its price through Luna, the sister currency of Terra. Therefore, Terra's downfall caused Luna to collapse.
As the situation got out of hand, Do Kwon, CEO of Terraform labs, pitched plans to revive the currency by using bitcoin to support UST.
Some experts worry that the disruption caused by the panic selling of the cryptocurrency could lead to a second Lehman Brothers crisis.
Binance, one of the most prominent global cryptocurrency platforms, has decided to delist Luna after the crash.
“The Luna holders are not victims. They’re just unsuccessful investors.”
“Victims? Nothing illegal happened here. They knew what they were getting into and yet they took the risk. They should take on the responsibility willingly.”
“I know that they should be held responsible for their own decisions, but I’m worried about the people who staked a lot of money.”
“There are a lot of people who borrow money to invest nowadays. What happens to them now?”
“Cryptocurrency is very unstable. It’s nothing like stocks and real estate.”
“There have been numerous warnings regarding cryptocurrency. They are not stable yet, and there are no laws to regulate them. Every time I read something like this, it alarms me.”
BY LEE SI-YEOUNG, YOO JI-WOO [email@example.com]