Crypto markets are in freefall this month—and their struggles have been gravely exacerbated by the demise of a $60 billion project that critics are calling a Ponzi scheme.
The project in question is TerraUSD (UST), a stablecoin pegged to the U.S. dollar that its supporters hoped would upend traditional payment systems across the world. But it was wiped out in the span of days when …
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