# Week in Crypto Drama #9 By [0xKΞRM4](https://paragraph.com/@0xk-rm4) · 2022-05-22 --- Welcome to **Week in Crypto Drama!** This week we learned that strip clubs have now [confirmed](https://mobile.twitter.com/Melt_Dem/status/1527779908121939973) we’re in a recession, you can make more money by [walking](https://mobile.twitter.com/cobie/status/1527254748537274368) than trading, and Terra was [basically risk free](https://twitter.com/NeilJacobs/status/1528066355144032257). As expected, most of the week was yet again for the [Total Eclipse of the Luna](https://mobile.twitter.com/gametheorizing/status/1526373843908153345). For some, it was an [incredibly humbling week](https://mobile.twitter.com/zhusu/status/1525045035070275585). For others it was time to [admit](https://mobile.twitter.com/GoingParabolic/status/1527300736790384642) that number on screen [goes way](https://mobile.twitter.com/cz_binance/status/1526129837299093506) when computer shuts down. Stablegains, having just raised $3M from [top investors](https://twitter.com/stablegains/status/1517536029128990720), is [shutting down](https://twitter.com/stablegains/status/1528114907190906881). One [picture](https://twitter.com/imBagsy/status/1527159181458939910) is worth more than 1000 words. Notstablekwon published a plan for Terra. VC excited, CT [concerned](https://twitter.com/youngtilopa/status/1526264235956834304). TLDR: > “must make it all back” — [@koreanjewcrypto](https://twitter.com/koreanjewcrypto/status/1526281876687708166) Clearly, [civil and criminal lawsuits](https://mobile.twitter.com/DooWanNam/status/1526804665173741569) gotta be expensive. Better call Saul, your legal team [quit](https://mobile.twitter.com/cobie/status/1526715141232148481). And yet, stable-coins are not going away. > justin sun wakes up, glances at wsj front page, reads “do kwon summoned to testify in congress over $50 billion dollar blowout”, gets out of bed and simply continues to shill his terra clone — [@udiWertheimer](https://mobile.twitter.com/udiWertheimer/status/1526558348216238081) Haven, a Monero fork, [assured us](https://mobile.twitter.com/HavenXHV/status/1527772761493590018) they’re still building one. Their [innovation](https://havenprotocol.org/app/uploads/2020/12/Haven-Protocol-White-Paper-v3-English.pdf) you ask? > Pegging is achieved via a ‘mint and burn’ process within a single blockchain We’re living in the same universe, right? Cosmos is anticipating their own Inter Stable Token ($IST). While it takes more sensible [over-collateralised](https://mobile.twitter.com/ThyBorg_/status/1526517915482091520) approach, it’s built on a chain that want’s us to write smart contracts in [JavaScript](https://agoric.com/wp-content/uploads/2021/12/Agoric-White-Paper-v1.0-1.pdf). Building the critical infrastructure of the future internet in JavaScript by a bunch of web devs. What can possibly go wrong? [Degens](https://twitter.com/DegenSpartan/status/1527134933428609024/photo/1) are [worried](https://twitter.com/SalsaTekila/status/1527139720635027457) about USDT, but it [looks like](https://twitter.com/0xngmi/status/1527138516374806529) they can hold the peg, for now. But fear is real, and stETH [lost its peg](https://twitter.com/lidofinance/status/1525129266689622016). Now you can go buy it at [discount](https://twitter.com/DegenSpartan/status/1527172462773178368). Or don’t, because after [farmer liquidations](https://mobile.twitter.com/PrimozKordez/status/1525051319479934976) you can have it for [half the price](https://twitter.com/0xfoobar/status/1523471088830754816). Not investment advice. Some shadowy, faceless group of super-coders are writing sophisticated [sandwich bots](https://mobile.twitter.com/bertcmiller/status/1443531586406846470). $5M worth of ETH is enough collateral to flash-loan you up to execute $145M trades on Curve and push the prices enough that some poor bloke lost ~$110k on a stables swap, while 🤖 made [~78k profit](https://mobile.twitter.com/bertcmiller/status/1527757197614231552). I’m writing the wrong kind of code… Some other coders didn’t finish their Date an Ape app. No-one could have predicted [the problem](https://twitter.com/CoinersTakingLs/status/1527087337422721024) they faced. For additional reading material check out: * [Reminiscences & Lessons from a LUNA critic](https://twitter.com/0xHamz/status/1525117474441764865) * [Consequences outside Terra after the collapse](https://mobile.twitter.com/DeFi_Made_Here/status/1525448525097598979) * [Why you should sell your BTC for ETH](https://mobile.twitter.com/ColeSouth/status/1526627558124531712) * [a16z State of Crypto report](https://mobile.twitter.com/eddylazzarin/status/1526525857551880192) Enjoy the weekend! ![](https://storage.googleapis.com/papyrus_images/72639e34efe429c7e031778c28578fc116c39dcf34b7b7728b08307cbc82bcfa.jpg) --- *Originally published on [0xKΞRM4](https://paragraph.com/@0xk-rm4/week-in-crypto-drama-9)*