$45 Billion Vanished: How the TerraUSD Collapse Happened

Users rush to sell UST, breaking its dollar peg; a courier redeems UST and the protocol burns it; the printer issues $1 worth of new LUNA; a trader sells that LUNA, sinking its price; another redemption prints far more LUNA and the peg collapses; a marked replay clears the demonstration and returns the courier.