1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA. The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.

In 2009, Bernie Madoff lost investors $60 billion. He was sentenced to 150 years in prison. In 2022, Do Kwon lost investors $60 billion after Luna collapsed to $0. He then created Luna 2.0.