Bittime - The collapse of the Terra Luna project in May 2022 shocked the cryptocurrency world. The loss of billions of dollars and its impact on investors fueled various speculations and conspiracy theories. This article will discuss several conspiracy theories circulating regarding the fall of Terra Luna.
Popular Conspiracy Theories
Planned attack
Some parties suspect that the fall of Terra Luna was the result of a planned attack by parties who wanted to destroy the project. This is based on the fact that Terra Luna experienced a sudden and massive depeg (loss of value), which is believed to be impossible to occur naturally.
Market manipulation
Another theory alleges market manipulation by "whales" (big investors) who wanted to profit from Terra Luna's downfall. This is reinforced by the fact that several whales are known to have sold large amounts of UST (Terra stablecoin ) before the depeg occurred.
Internal error
There are also those who suspect that the fall of Terra Luna was caused by an internal error in the project. This could be an error in the design of the Terra protocol or a management error by the Terraform Labs team.
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Credibility Analysis
It's important to remember that all of these conspiracy theories have yet to be proven true. Currently, investigations are still ongoing to determine the exact cause of Terra Luna's crash.
Planned attack
It is difficult to prove that a planned attack actually occurred. Indeed, Terra Luna's depeg occurred suddenly, but this could also be explained by other factors, such as the failure of the UST algorithm.
Market manipulation
Market manipulation is common in the cryptocurrency market. However, there is no concrete evidence to suggest that market manipulation was the primary cause of Terra Luna's downfall.
Internal error
Internal error is the most realistic possibility. The Terraform Labs team itself has admitted that they made several mistakes in managing the Terra Luna project.
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Conclusion
The fall of the Terra Luna project was a tragedy for the cryptocurrency world. Currently, there is still no definite answer about the cause of Terra Luna's fall. Various conspiracy theories are circulating, but their credibility still needs to be proven. The investigation is still ongoing and is expected to provide clarity on what actually happened.
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Also Read:
What is Terra (LUNA): History of the Journey from Terra Classic to Terra 2.0
Terra Luna 2.0: A Complete Explanation of the Future of Stablecoins
What Is Terra Classic (LUNC): Exploring Phoenix's Rise from the Ashes
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