Luna Foundation Guard
Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more
Fallout from the collapse of the Terra ecosystem continues to unfold with the United States-based yield generation application Stablegains facing potential legal action over its losses from the event. Users believe that Stablegain has allegedly lost up to $44 million worth of deposited funds, based on a post on a Terra forum by co-founder Kamil Ryszkowski asking for relief funding. He disclosed that a day before TerraUSD (UST) had lost its peg with the U.S. dollar, its users’ funds totaled over 47.6 million UST from 4,878 depositors. Currently, the price of UST is trading at $0.075, according to data from CoinGecko. A letter from class action law firm Erickson Kramer Osbourne (EKO) sent to Stablegains, dated May 14, demands a record of customer accounts, marketing materials and any co...
Terra peg mechanism in doubt as UST crashes to 67 cents
The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10. As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community. UST price chart from CoinGecko As of the time of writing, UST price is $0.78 with a market cap of $14.1 billion while LUNA has been in a freefall, collapsing to $35.07. This has caused massive liquidations on leveraged positions, dropping its market cap to $12.3 billion according to CoinGecko data. If the market cap of LUNA is lower than US...
Terraform Labs gifts another $880M to Luna Foundation Guard
Terra (LUNA) blockchain developer Terraform Labs (TFL) has gifted the Luna Foundation Guard 10 million LUNA worth around $820 million at current prices. The Luna Foundation Guard (LFG) is a nonprofit organization attached to Terra that is tasked with collateralizing the network’s algorithmic stablecoin Terra USD (UST) to keep it pegged with the U.S. dollar. Terraform Labs’ latest announcement came via Twitter on April 14, but did not outline what the funds will go towards specifically. However, transaction data from Terra Finder shows that 7.8 million LUNA (roughly $630 million) was promptly transferred out of the LFG’s reserve wallet yesterday. TFL has gifted an additional 10 million $LUNA to the @LFG_org. https://t.co/tNirkgGGm0 — Terra (UST) Powered by LUNA (@terra_money) April 14, 2022...
