$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse

  • Luna Foundation Guard said it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD.
  • TerraUSD — or UST, for short — has fallen well below its intended $1 peg. By Monday, it was trading at just 9 cents.
  • Terra creator Do Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

Investors have been eager to find out what happened to the more than $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they’ve got their answer.

Read more: https://www.cnbc.com/2022/05/16/what-happened-to-the-bitcoin-reserve-behind-terras-ust-stablecoin.html

RelatedNews

Signup today for free and be the first to get notified of breaking news.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

SIGN UP FOR OUR NEWSLETTER

Sign up for Breaking Alerts, our newsletter putting timely and updated stock and crypto markets news into your hands.

Add New Playlist