Terra-Luna’s crash: what happened? The de-pegging of the algorithmic stablecoin TerraUSD ($UST) and the concurrent crash of its counterpart $LUNA have marked the “Lehman moment” of this May’s crypto markets capitulation. Mainstream media and crypto-haters were quick to jump on the occassion: from “all cryptos are scam” to “all stablecoins are scam”, very few had the intellectual vigor necessary to find out what has really happened, and what lies ahead. Let us try now.