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Structural failure

Reflexive Collateral

Collateral whose market value is correlated with — or constituted by — the obligation it secures.

Records exhibiting this pattern

Exchange collapse·June 27, 2022resolved
Three Arrows Capital Collapse — June 2022
The 10-billion-dollar crypto hedge fund failed margin calls on leveraged LUNA, GBTC and staked-ETH positions, triggering a cascade through Voyager, Celsius and BlockFi.
$10.00B affected
Depeg·May 9, 2022resolved
Terra / UST Depeg — May 2022
The third-largest stablecoin lost its dollar peg over four days, taking $40 billion in combined LUNA and UST market cap to zero.
$40.00B affected