TerraUSD is a stablecoin that can theoretically always be exchanged for a USD without USD reserves and until recently had a market cap of about 18 billion. As has been posted on GQ a couple of times today, this promise has vanished into thin air in the last 24h, when TerraUSD first traded for a good 90 cents only and went down to 60 cents overnight in some cases. In the meantime, the price is back at about 90 cents, higher than this morning, but still far below the target value of one USD. To reach the 90 cents again, among other things, all Bitcoin stocks were sold to hedge the coin: https://datastudio.google.com/reporting/b31cc9e5-c54c-4418-a6ce-b332c57e82e9/page/4YBqC?s=or-T7NeGLew (Thanks goes out to Stramme Maximiliane, who lied to me in another amount).

The cause could not be the bear market, but a targeted attack against TerraUSD, as discussed among others on Twitter

https://twitter.com/4484/status/1524006086147252227?t=LphUkl3FXzHJKHR9if63Xw&s=19

@stonksonlygodown Attack or bear market?