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Product Tracking Luna Cryptocurrency Tumbles 99%

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TerraUSD’s Collapse Shakes Crypto Stablecoin Complex

Digital-asset turmoil is sweeping through exchange-traded products, with one tracking the troubled Luna token seeing its price almost evaporate in what may be the biggest ETP wipeout ever. 

The 21Shares Terra ETP (ticker: LUNA SW) tumbled 99% to 0.01 Swiss Francs on Thursday, having closed at 22.29 Swiss Francs on May 6. That was before the TerraUSD stablecoin, to which Luna is linked, crashed from its dollar peg -- triggering a collapse in Luna’s price. The VanEck Terra ETN (VLNA GR) dropped by a similar magnitude.