TerraLabs Sold Over 80,000 BTC To Rescue Its Stablecoin, Luna
The crypto market has experienced many bloodbaths in the past. But last week’s crash had more catastrophic effects on the market than recent bearish trends, mainly on the stablecoins. UST, a stablecoin issued by Terraform Labs, is an example that stunned the crypto world as the coin collapsed and dropped its value from $1 to $0.15 between May 9 to May 14, nearly losing 85% of its value. Afterward, on May 16, the Luna Foundation Guard (LFG) announced on Twitter that they had sold out their Bitcoin (BTC) reserves between May 8 to 10 to rescue its stablecoin. Related Reading |....
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The circulating supply of LUNA has continuously gone up since the UST debacle began. This has mainly been from people redeeming their staked UST for the digital asset, which caused its supply to rise drastically in such a short amount of time. In turn, the price of LUNA had declined to reflect the enormous amount of tokens that were being dumped into the market. Now that the dust has finally begun to settle, the question remains where the price of the asset might end up. $1 LUNA Still Possible? Now, it may sound comical to debate whether the price of LUNA would be able to return back to $1....
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff. Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra's native stablecoin TerraUSD's (UST) peg with the U.S. dollar.Major AVAX dump ahead?AVAX's price dropped about 30% to reach $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to as low as 23 cents, which effectively dented its stablecoin status among traders and investors alike.The de-peg incident....
The Terra Money Twitter account shared the finer points on Do Kwon's initial rescue plan: expanding the base pool, burning UST and staking LUNA. The Terra rescue story continues to unravel. In a tweet thread, the Terra Money Twitter account went into greater detail regarding the CEO of Terraform Labs, Do Kwon's rescue plan for UST. The thread sheds light on Proposal 1164, Do Kwon’s initial strategy for Terra from May 11. The proposal would better balance the algorithmic stablecoin UST by expanding the base pool for the currency. The proposal has received 220,000 votes, at over 50%. The....
Do Kwon, the humbled co-founder of Terraform Labs, has shared a rescue plan for the de-pegged stablecoin UST. Do Kwon, CEO of Terraform Labs, will not admit defeat. After an 18-hour wait in which his coins Terra (LUNA) and TerraUSD (UST) endured a face-ripping freefall, Do Kwon has announced his “rescue plan" for the Terra community. Terra is down 90% from its all-time highs, while the “stablecoin” UST is 75% below the dollar parity. But have no fear, cocky Kwon has planned “several remedial measures,” to rescue the billions wiped off the total Terraform Labs market cap.2/ I understand the....
As bitcoin dropped to fresh new lows on Monday, the price of terra (LUNA) slid by 33.3% during the last 24 hours. Moreover, the project’s stablecoin terrausd (UST) has lost stability, dropping to $0.932008 per token. Additionally, the Luna Foundation Guard’s bitcoin wallet and ethereum Gnosis safe address has been emptied.
**This article was updated with a new paragraph to reflect the price of terrausd (UST) dropping to $0.86 per token on Monday, May 9, 2022, at 6:10 p.m. (ET). It also mentions the Luna Foundation Guard bitcoin wallet that holds 28,205 bitcoin at....