Billionaire Ken Griffin’s Citadel Securities Denies ‘Ridiculous’ Claim That It Tanked Do Kwon’s Terra (LUNA)

The Terra network and Do Kwon rose to the highest tier of the crypto world thanks to big-shot investors, only to fall apart within a few days in May 2022. On May 7, the price of the then-$18-billion algorithmic stablecoin UST, which is supposed to maintain a $1 peg, started to wobble and fell to 35 cents on May 9. Its companion token, LUNA, which was meant to stabilize UST’s price, fell from $80 to a few cents by May 12. The collapse sent a shockwave throughout the crypto sector, eventually leading to a prolonged crypto winter.