High-profile Aussie investor Mark Carnegie has described last week’s collapse of the terraUSD stablecoin and subsequent carnage in cryptocurrencies as a “Lehman Brothers moment” for the sector that will create opportunities for shrewd investors and savvy web3 operators to thrive.
Mr Carnegie and a growing band of Australian investors and entrepreneurs had targeted the crypto sector, which was rocked last week when terraUSD (also known as UST) – a stablecoin supposedly pegged to the US dollar and its related crypto token luna – collapsed.
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Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy. Connect with Paul on Twitter. Email Paul at psmith@afr.com
