Bitcoin24h $83,472.92+0.68%

Ethereum24h $2,514.42-0.75%

BNB24h $744.70-0.27%

XRP24h $1.38-0.83%

Solana24h $108.11-1.52%

TRON24h $0.3276-1.09%

Hyperliquid24h $82.05-3.47%

Zcash24h $1,209.33-5.90%

Dogecoin24h $0.0849-0.84%

Monero24h $531.64-0.51%

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.