Newsletter #190 - You Have Been Do Kwon'd

Yo Shitcoiners,

Did we just witness one of the biggest collapses in the history of crypto? LUNA and UST are officially rekt. If you are wondering how it all went down we have you covered. There have been rumblings of a collapse for months (you remember the bets) but few expected it all to come crashing down as soon as it did.  The action started with some small attacks on the UST peg on Saturday.

Meltem was living the crypto nerd dream on a Saturday night.

Do Kwon, who unfortunately calls himself “The master of stablecoin” was quick to respond.

As we’re many “Lunatics” who were hopeful their life savings were secure.

This also sparked some interesting developments on Curve.

They thought it was over but boy oh boy, it was just beginning.

The loss of the peg forced the Luna Foundation to sell off their reserves in an attempt to regain it. Here was the final chunk of BTC heading out to slaughter.

It got pretty wild out there.

The shorts came flooding in as everyone knew LUNA and UST were on life support. It was hammered. This is how the charts looked.

Adam was right.

Do Kwon had earlier hinted at a bailout which never came. He then shared a plan of action to try and fix this pretty much unfixable mess.

In the end, they were destined to fail. The Terra blockchain was halted. RIP.

So who got REKT? There were plenty of losers. For a coin to go from a top 10 asset to <100 in a couple of days is quite an accomplishment. The every day users got destroyed but some funds also took a big L too. Delphi Digital’s founding partner infamously said he had his whole net worth in LUNA.

It didn’t end well.

Arca also got torn a new one.

Ran did not fair so well either.

This guy sold all of his furniture to buy dip. Ouch.

KSI was another victim.

Oh, and another here.

Novogratz is also going to be reminded for life that the LUNAtic life is not cool.

You get the drift. There were a lot of losers. The biggest of them all was like Do Kwon. The founder of Terra wasn’t very good at making friends in the space. Some say he had it coming.

He wouldn’t even let those who actually knew what the fuck was going on help him.

We will just leave this here.

Kevin has been a source of amazing commentary throughout this shitshow. Hyper-hyperinflation happened.

Lunatics were not happy with Kevin. Unfortunate.

Who were the winners? Everyone who shorted, those that won the yet-to-be-settled bets and of course, Curve.

Algod, who bet on the collapse and was called out early on for his lack of size, ended up with a nice screenshot ready for framing.

The LUNA situation sent ripples around the world of crypto. Everywhere we looked, REKT.

Apart from our sponsors SideShift.ai! Exchanges had a great day with the insane panic selling, generational wealth buying and general volatility.

McDonald’s applications are on the rise though. Here’s Saylor et al.

They are even dropping a token. It’s so thoughtful of them to support their new workforce’s interests.

To NFTs to lighten the mood. Oh wait.

At least the NFT dating scene is alive and well.

You were never going to sell anyway, so why didn’t you just give it to this next scammer so he could buy Lambos, yachts and real estate?

Sam is out to fight for us. This time he’s up against the House Agriculture Committee. Are they talking about tokenized farming mechanisms?

We round this one off with some words of wisdom. Detaching from your “peak net worth” may be the best phrase of 2022.

You could have also spent all of your time actually doing work too.

Here’s to future you.

And if you decide to 100x long that 0.1 BTC and lose it, there’s always therapy.

That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next week!

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Team Shitcoin.com