On the anniversary of the Terra collapse, the cryptocurrency community reflected on the lessons learned from the event that wiped out the $40 billion ecosystem and caused Bitcoin (BTC) to drop from $28,000 to $19,000. While the incident was undoubtedly painful for those who lost money, it also served as a wake-up call for the industry to focus on liquidity, transparency and user protection.
Binance CEO Changpeng “CZ” Zhao shared Bitcoin’s price movement history in a tweet on May 11, recalling the Terra crash one year ago and stating several valuable lessons to be learned from the event. Following the crash, CZ emphasized, through his messaging, the importance of transparency and safeguarding users, including his “poor again” tweet.