While it may be tempting to see the collapse of TerraUSD as crypto’s Lehman Brothers moment, it’s actually its Bernie Madoff one. As long as the same macroeconomic conditions that led to the rise of LUNA, UST and Anchor Protocol exist, nothing much will change. — About a month before TerraUSD started to lose its peg with the dollar, a multi-family office manager sought my advice — more of his clients were looking at cryptocurrencies as an investable asset class, but being unfamiliar with the space, he felt ill-at-ease to opine.