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YCombinator crypto DeFi startup StableGains lost $42M in Anchor Protocol

YCombinator startup StableGains held millions of dollars worth of customer funds within Anchor Protocol and lost it all.

Terra implosion could shape UK stablecoin regulations

In April the UK chancellor announced plans to recognize stablecoins. Terra’s recent collapse will give regulators food for thought.

South Koreans are leading the charge in taking legal action against Do Kwon and Terra, citing heavy investor losses and potential fraud.

A press release stated asset manager GAM Holding could be injecting $3 billion into failing stablecoin Terra (UST) — turns out, it’s fake.

The stablecoin’s recent crash has wiped $17.5 billion from the raft of projects banking on its success.