Terra 'rescue plan' still unclear, Luna & UST plunges

TerraUSD (UST) and Terra (LUNA) in free fall as rescue plan is still unclear.

Terra 'rescue plan' still unclear, Luna & UST plunges

Luna co-founder Do Kwon has released a statement on twitter about the future plan for recovering Terra.

Soon after the statement was released both UST and LUNA showed some momentum but as time passed it fails to hold. At the time of this article, UST is trading at $0.44 and at one time has fallen to $0.22, LUNA on other hand is trading at $2.74.

The effect of this on Bitcoin and Altcoins seems to be faded away as of now, BTC is trading around ~$32000.

Future doesn't look good for the Luna community as after nearly 72 hours, UST failed to re-peg to USD and with each passing minute level of trust is decreasing.

What will be the wider implication of this debacle on the whole crypto community is a thing to see in the upcoming days.