TerraClassicUSD Wormhole

In early May 2022, the price of Terra’s LUNA and UST tokens began to plummet, leading to the collapse of both tokens and the Terra network. The collapse was due to a number of factors, including the de-pegging of UST from the US dollar, as well as a lack of liquidity in the market and a general lack of trust in the network. This led to a rapid sell-off of both tokens, resulting in a significant drop in their value. In order to protect users, Terraform Labs had to take steps to transition users to the rebranded Terra Classic network. This included moving users’ UST tokens to the Terra Classic wallet and exchanging them for USTC tokens and providing more market liquidity. Unfortunately, the collapse of Terra’s LUNA and UST tokens had a significant impact on the network, and while steps have been taken to prevent such a situation from happening again, users should remain cautious when investing in cryptocurrencies.

The official TerraClassicUSD Wormhole ticker is “USTC” and trades under that name on all the exchanges where it has been listed. The designation “USTCW” is for CryptoCompare.com only.