The downfall of the Terra network, and the digital assets Luna and UST, will be remembered as one of the most excruciating and catastrophic episodes in cryptocurrency history. A market value of over $60 billion has vanished, leaving numerous individual investors grappling with significant losses. What makes it even worse is that this was a substantial initiative, supported by prominent figures in the crypto world. However, there were clearly individuals who foresaw this eventuality, recognizing it as a looming catastrophe. In this installment, we converse with Kevin Zhou, the founder of Galois Capital, a cryptocurrency hedge fund. He began publicly cautioning against Terra earlier this year and initiated a short position on Luna in early May. He elucidates the precise mechanisms behind the coin’s collapse.
Joe Weisenthal and Tracy Alloway from Bloomberg dissect the peculiar trends, intricate dilemmas, and the latest market frenzies. Engage in discussions every Monday and Thursday featuring conversations with the most intriguing intellects in the realms of finance, economics, and markets.
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