The ongoing crypto crash has brought a lot of investors back down to earth. In the case of current and former Terraform Labs employees, it’s keeping them literally grounded.
Luna 2.0, a Frankenstein cryptocurrency resurrected after its predecessor crashed to near-worthlessness, is already looking pretty haggard out of the starting gate. And like Mary Shelley’s monster, there are signs of more misfortune in the near future.
Luna Foundation Tried to Prop Up Terra’s Crumbling Base With Billions in Bitcoin, But It Still Failed
As a kid, I remember when my father tried to use a broom handle in a last ditch effort to support a roof that was collapsing from the weight of nearly three feet of snow. You can guess how well that went. In a similar vein, Terra blockchain reportedly spent $US3.5 ($5) billion to keep…