Crypto-focused research and investment group Delphi Digital has published a post-mortem on the losses inflicted by last week’s collapse of TerraUSD (UST) algorithmic stablecoin, concluding that it „always knew something like this was possible.”
„We understood the risks of the algorithmic model upfront and sought to be transparent about them throughout; however, it’s clear we miscalculated the risks,” Delphi wrote in a blog post late Wednesday. „To the vocal critics of Terra’s algorithmic design — you were right and we were wrong.”
UST de-pegged from the dollar in catastrophic fashion last week, destroying more than $40 billion in value for investors. Delphi, which competes with The Block to offer research on the crypto industry, had been a backer of the Luna Foundation Guard (LFG), a Singapore-based non-profit entity with a mission to boost the Terra ecosystem.
“We always knew something like this was possible, and we tried to stress the risks to a system like this in our r
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