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Terra's Do Kwon Teases Recovery Plan But Stays Quiet After Almost 15 Hours

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Wed, 11/05/2022 - 8:14
Terra's Do Kwon Teases Recovery Plan But Stays Quiet After Almost 15 Hours
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The UST drama continues on the cryptocurrency market as more people are in massive losses after Luna's drop below $10 and UST's failure to maintain the peg with one U.S. dollar. To calm down investors and traders, Do Kwon announced the release of a plan that should have saved the market, but 15 hours have gone by and there is still no plan.

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According to the tweet posted approximately 15 hours before press time, Do Kwon teased his followers and UST holders that he is getting ready to release a plan designed for saving UST and, most likely, Luna cryptocurrency, which is down by about 90% for the week.

But despite a big announcement, Do Kwon's Twitter feed is still empty. The message that followed the announcement was a request to stay strong as he is getting close to the finish.

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Reportedly, Luna Foundation is looking for additional funding from crypto and non-crypto companies in order to keep the peg of UST stablecoin, which ‌seems close to being impossible as UST is trading at $0.23 at press time.

UST drama recap

Following the massive correction on Bitcoin, which pushed the first cryptocurrency below $32,000, investors were manically moving their liquidity away from the UST stablecoin, causing issues with liquidity.

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As UST faced its first issues with USD pegging, Luna Foundation Guard had to initiate the sale of its Bitcoin collateral in order to maintain UST's peg. But despite selling a massive amount of BTC on a bleeding market, UST failed to gain back the full peg and dropped even further after reaching $0.9.

At press time, Luna is trading at $5, resulting in a 94% drop in the last seven days.

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