It all started last Sunday. A mysterious entity dumped $US350 million ($508 million) of a popular cyptocurrency called Terra, with that one trade overwhelming the market and sucking out liquidity.
The shock was so abrupt and traders so blindsided that Terra “broke the buck” and began falling. The coin was designed to track movement in the US dollar and provide safety in the volatile crypto world, but the selling broke the peg and panic ensued.