One person responded by saying "you honestly got what you deserved for your greed." "Man I was about to open my first bakery, had my last 30k on Luna," one commenter said. "Hoping I would be able ...

The coin is soaring over 14% to a record value of $58.12. Also helping to boost the coin’s value is an increasing trading volume; LUNA trades are up 37% over yesterday’s volume.

Instead, it was pegged to a coin as volatile as any other crypto, LUNA. When LUNA crashed, it fell from a high of roughly $116 to less than a penny and, finally, was delisted from crypto exchanges.

Do Kwon faces financial and securities fraud charges in the U.S., South Korea and Singapore for his role in the Terra-Luna collapse, which wiped $40 billion from the cryptocurrency market.

Algorithmic coins, like UST don't have to be backed by anything. The peg was achieved by adjusting the supply and demand of UST and the native coin, LUNA.

Luna is down 99% Thursday, falling to under $0.02 per coin. The cryptocurrency is linked to stablecoin TerraUSD, which lost its US dollar peg this week.

Why Terra (Luna) and UST Coin Are Soaring Today By Trevor Jennewine – May 22, 2022 at 4:07PM ...