{"id":35713,"date":"2022-06-03T23:09:13","date_gmt":"2022-06-03T23:09:13","guid":{"rendered":"https:\/\/harchi90.com\/a-crypto-project-built-on-the-ruins-of-40-billion-in-investors-money\/"},"modified":"2022-06-03T23:09:13","modified_gmt":"2022-06-03T23:09:13","slug":"a-crypto-project-built-on-the-ruins-of-40-billion-in-investors-money","status":"publish","type":"post","link":"https:\/\/harchi90.com\/a-crypto-project-built-on-the-ruins-of-40-billion-in-investors-money\/","title":{"rendered":"A crypto project built on the ruins of $ 40 billion in investors’ money"},"content":{"rendered":"
Terra remained the focus of the majority of headlines throughout May for its spiral collapse leading to a loss of over $ 40 billion in investors’ money. Despite some early resistance from the community and heavy backlash from the likes of Binance CEO Changpeng \u201cCZ\u201d Zhao, Terra co-founder Do Kwon managed to relaunch the collapsed network with a new chain called Terra 2.0 (Phoenix-1).<\/p>\n
The amended proposal for the relaunch of the network by increasing the genesis liquidity, which introduces a new liquidity profile for pre-attack Luna Classic (LUNC) holders and decreases the distribution to post-attack TerraUSD Classic (USTC) holders, was approved by the community with a 65% vote in favor.<\/p>\n