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No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks

CryptocurrencyMay 14, 2022 09:20AM ET
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No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks

GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.

An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.

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No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks
 

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Comments (1)
William Bailey
William Bailey May 14, 2022 1:19PM ET
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A suc. Ker is born every day . Crypto is and gas always been worth 0 . If it was so great it would not need to be pegged to a dollar… duh. Its pegged to a dollar so suckers give over real dollars for nuthin.
Flavio Man
Flavio Man May 14, 2022 1:19PM ET
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Are “real dollars” actually real? What backs the dollar? Who controls the supply of dollars? Do you know? If so, aren’t we all suckers when we get paper (dollar) notes in exchange of human work and energy…?
 
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