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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.