Luna Foundation Guard Spent $2.8B Defending UST Peg, Third-Party Audit Finds

“While there have been multiple recent failures in crypto, it is important to distinguish between Terra’s case, where a transparent, open-source decentralized stablecoin failed to maintain peg parity and its creators spent proprietary capital to try to defend it, and failure of centralized custodial platforms where its operators misused other people’s money (customer funds) for financial gain,” said Do Kwon, Terraform Labs founder.