No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks
Cointelegraph
Published May 13, 2022 07:45AM ET
Updated May 13, 2022 09:20AM ET
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.
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Written By: Cointelegraph
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