I have the newsletter in email and there wasn't much more than what was posted above, other than quoting from this article:

https://www.wsj.com/finance/currencies/jane-street-accused-o...

That point was the crux of Matt Levine's argument: Terra and Luna were unregulated and easy-to-game securities. So you can't complain when the smartest people on Wall Street figured out how to pop the balloon in their favor -- (not ai emdash) particularly when it's their job.

I will quote the first few paragraphs leading up to it though:

>The basic story of Terra is:

>Terra was a big crypto project, led by a company called Terraform Labs and a guy named Do Kwon, which at its peak had a market value of about $50 billion.

>It had a token, the currency of its blockchain, called Luna, which at its peak traded at almost $120 per token. It also had an algorithmic stablecoin, TerraUSD, whose mechanism was that it could always be redeemed for $1 worth of Luna.

>That’s a bad idea! The problem, which was extremely obvious and which everyone knew about, was that, if people lost confidence in Luna, there would be a death spiral: People would redeem TerraUSD for Luna and sell the Luna, which would drive down the price of Luna, which would lead to more redemptions, which would create even more Luna, until Luna was trading at a tiny fraction of a penny and every TerraUSD would be redeemed for millions of them.

>In May 2022 that very much happened. Terra collapsed, people lost a lot of money and Do Kwon got 15 years in prison for fraud.

>At its peak, though, Terra was a pretty big crypto project, and it had various dealings with some very smart and somewhat sharky trading firms like Jump Trading and Jane Street.