Avalanche Founder Emin Gun Sirer compared the fall of UST and LUNA to the hack of Mt. Gox.
The Terra situation is highly regrettable. As you know Terra started out slightly before we did and it just blossomed. It ended up attracting a lot of the money and a lot of the growth of the space that would have gone to either AVAX or maybe Solana or some of the other latest-generations high-speed chains started going to LUNA.
We were smart enough to notice that we couldn’t do this. There are many reasons why not, but running a stablecoin of that kind with those kinds of feedback loops, it takes an enormous team with operational ability to try to keep that peg. We knew that we didn’t have that ability. He pointed out that they swapped some $60 million worth of AVAX for LUNA and UST tokens in a bid to form a partnership with Terra. This would, however, turn out to be a losing bet.
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