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What Terra's 'Hyperinflationary' Collapse Teaches About 'Crypto' & Bitcoin

Update (0900ET): After the dramatic collapse in the cryptocurrencies TerraUSD and luna, administrators responded overnight by pausing the network and then resuming it  – effectively turning the computer off and on again.

But the move could not stem the plunge in luna, which crashed to effectively zero.

So, as BI reports, Terraform Labs, the company behind the crypto project, has now completely switched off the network, in agreement with “validators” who oversee transactions.

The company said on Twitter it is trying to come up with a plan to save the project and that it would update worried investors soon.

Will Chen, a crypto developer connected to Terra, said the network’s members were trying to come up with solutions to “salvage the remaining value in the ecosystem.”

Major crypto exchange Binance suspended trading in TerraUSD, also called UST, and luna. Other exchanges continued

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