What has happened a few weeks ago in Terra has been catastrophic for the investors of the project through its tokens, LUNA and UST, the loss of capital has been alarming and this convulses the entire crypto market before such a dramatic and sad situation like this, How is it possible that the UST token that was at parity with the dollar has had such a strong depeg and has lost its value that gave it parity with the dollar, the responsible for this Do Kwon and Terra Foundation, they knew they had a responsibility to investors and yet they were careless and did not act in time, putting at stake all the capital of the people who trusted the project.
After the debacle now Terra intends to make a hard fork which does not guarantee at all the return of the assets that people had, an airdrop will be made taking a picture of the assets that were before and after the attack, also nobody knows how much the new token will be worth and it may not be worth much because everything is speculation.
What should be done and what is being fought for is for all UST holders to have a refund, I think it is the fairest thing to do because people put their trust in a token that was supposedly stable and at par with the dollar.
In this Terra debacle, I lost capital but I also think of others who lost a lot of money and I can see how this whole thing that seemed like a serious project, led many people to invest in this Anchor protocol and in its entirety what UST was as a stable token.
There is a proposal with the desire of refund for all UST holders which I am supporting because it is what should be fulfilled, here is the link to the proposal for those who want to read it and participate:
Here is also the Discord channel about the UST reimbursement proposal.
I can only say that these days I have disconnected a little from the Terra event because I really have a disappointment for everything that happened and this shows that nothing is safe in crypto, that no matter how serious a project is perceived, you always have to be aware of vulnerabilities, in this case a stable token algorithm that did nothing and made many people were left without their invested capital.
I will not stop investing but I will be applying different strategies and I will put less capital in the projects in order to avoid major losses and I will try to make a smarter diversification.
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