Cryptocurrency News

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

05/13/2022

Less than a minute

2022.05.13 16:36

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 TrueUSD (UST) stablecoin.

An announcement published on May 12 claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin UST lost its $1 peg — causing a cataclysmic crash of the acclaimed blockchain protocol which had become a darling of the Decentralized Finance space.

05/13/2022

Less than a minute

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