Terra/Luna Crash: How a Stablecoin Failure Wiped Out $60 Billion and Shook the Crypto Market:
In May 2022, Terra (LUNA) and its stablecoin TerraUSD (UST) collapsed when UST lost its peg to the US dollar. This failure wiped out over $60 billion in market value, triggering panic throughout the crypto world. The crash severely damaged trust in algorithmic stablecoins and had a lasting impact on the broader cryptocurrency market.