Those "boomerang" incidents in WEB3. 1⃣Terra/Luna Breaking Thunder and Do Kwon's Escape (May 2022) Event Overview: Terra Eco's stablecoin UST and token LUNA are known as DeFi stars, claiming to maintain a $1 anchor through algorithms. In May 2022, UST lost its anchor, LUNA returned to zero from its $40 billion market capitalization, founder Do Kwon fled and was arrested in 2023. Boomerang Point: Do Kwon declared that "UST is an impeccable stablecoin", but the ecosystem collapsed instantly due to algorithm defects.
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