In addition to Do Kwons plan or possibly in addition to alternative plans there needs to be a limit on swaps from UST to LUNA per user and per hour and per day to prevent crashing the entire ecosystem as the way to attack it could be for a whale to sell lots of UST and short Luna at the same time during a period of bear market, unlike other cryptos this could kill the whole project. So i propose a limit of swaps from UST to Luna per wallet and per time period in a way thats reasonable. Also an abilitity to detect and deincentivise spam would still work. The limits could grow as the community and coins market cap grow too.
This would make the UST un crashable to nothing and prevent this from ever happening again. By detailing this as a security flaw that is fixed we also restore faith in the community and build trust with the ecosystem as anything else will have people asking if this will happen again.
To be decided by developers etc as I am not a developer just a security expert.