Assuming Terra (LUNA) collapsed due to the crypto market facing a price correction, apparently there is a reason why this asset has declined sharply since its all-time record high (ATH) last year.
Based on observations, LUNA recorded ATH on December 27, trading at $ 103 (RM431) before slipping to its lowest level for January 2022, recording a value of $ 44.07 (RM184) at the time of this writing.
What happen?
The LUNA price drop is closely linked to Wonderland’s decentralized finance project (DeFi) and an individual named Michael Patryn.
For the record, Patryn is a former inmate jailed for 18 months on credit card and bank fraud; breach of trust; computer fraud; robbery; and burglary before being deported to Canada in 2005.
Death of the co -founder of the crypto exchange, QuadrigaCX; A shocking Gerald Cotten in 2018 has revealed Patryn was involved in a $ 133 million scam, involving 76,000 investors.
January 28 - Bloomberg reports the Wonderland project has something to do with Patryn after Wonderland co -founder Daniele Sestagalli urges the individual to step off the board member list.
It is understood that the decision was taken as soon as the revelation of the name ‘0xSifu’ was apparently Patryn and it was dismantled by the holder of a Twitter account known as - zachxbt.
To make matters worse, crypto podcaster - Aaron Lammer claims Sestagalli actually already knows 0xSifu’s background.
LUNA and Wonderland (TIME)
This incident has inevitably affected the price of TIME. But the relevance of LUNA in this incident is because stablecoin Terra, UST can be staked (stake) to make a stablecoin loan Abracadabra loan platform, Magic Internet Money (MIM).
For the record, Abracadabra was also founded by Sestagalli.
Meanwhile, LUNA is tied to UST as an inflation protector for the asset. So, it’s no wonder why LUNA slumped sharply, erasing its glorious record in mid -December.
At the time of writing, LUNA is trading at $ 45, down nearly 12% in 24 hours.
