Roland Bouffanais, Sun Sun Lim
2022 started with a free fall in major cryptocurrencies including Bitcoin and Ethereum. At that time, it was seen as just part of the ebb and flow of financial speculations. But it was soon followed by the crash of leading stablecoin TerraUSD.
Stablecoins are supposedly engineered to protect investors from the high volatility of cryptocurrencies. Yet billions of real dollars vanished while also taking down the Luna cryptocurrency.