UST Depeg Following

May 23,2022
Do Kwon: Sending Tokens to Destruction Address Is Not a Good Idea, Nothing Happens but Loss KingData News: Do Kwon said in his latest tweet that he doesn't think it's a good idea for LUNA holders to send their Token to a destruction address because nothing happens except the loss of the Token. He had previously provided a LUNA destruction address and received strong reactions from the community. Do Kwon said, "To clarify, as I’ve noted multiple times I don't think sending tokens to this address to burn tokens is a good idea - nothing happens except that you lose your tokens."
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.
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