Ukrainian put savings into crypto to avoid war risks. Then it crashed.
Companies, agencies, institutions, etc
Guardian
The International Monetary Fund
Terra
Binance
People
Yuri Popovich
he
Changpeng Zhao
Groups
Ukrainian
Reddit
Physical locations
No matching tags
Places
No matching tags
Locations
Russia
Ukraine
Kyiv
US
Events
No matching tags
Summary
Instead, it's an algorithmic stablecoin, meaning it uses algorithms to peg itself to a fiat currency or asset.Earlier this month, terra's algorithm lost its peg to the US dollar, and the stablecoin's value plummeted.Within a few weeks of Popovich converting his life savings into terra, the token went into a free fall.
As said here by Weilun Soon