Bitcoin24h $74,556.17+0.02%

Ethereum24h $2,335.41-1.72%

BNB24h $619.53+0.91%

XRP24h $1.36-0.44%

Solana24h $83.85-2.77%

TRON24h $0.3242+0.82%

Dogecoin24h $0.0934-0.30%

Hyperliquid24h $44.36-1.18%

UNUS SED LEO24h $10.13+0.07%

Bitcoin Cash24h $436.45-0.14%

GAM Holding to investigate false $3B Terra bailout report

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

Terra’s death spiral is hitting all its crypto friends

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

CoinDesk revealed failed algorithmic stablecoin Basis Cash was created by Terra’s Do Kwon and BitClout’s Nader Al-Naji.

Third-largest stablecoin UST de-pegged from the US dollar, traded as low as $0.62, and lost over $4 billion in market capitalization.

Do Kwon is the founder of Terra, a DeFi ecosystem with $29 billion in value locked in its protocols. These are the steps he’s taken so far.