How blockchain users reacted to the crypto contagion and the latest macro events

The Terra debacle became the Lehman brothers-like event sending shockwaves across the crypto industry.


As Terra – the then second largest DeFi ecosystem collapsed in May, it erased around $40 billion of VC and retail money. The blow applied heavy pressure on the entire crypto market, starting with Bitcoin and Ethereum, which had a spillover effect on the rest of the industry, also known as the crypto contagion. As a result, different parties were affected, with 3AC, BlockFi, and Celsius under the scope.

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