The Swiss independent asset manager GAM Holding опроверг сообщения о переговорах с Terraform Labs по выделению финансовой помощи на поддержку алгоритмического стейблкоина UST.
This story is not accurate, and we did not issue a press release. GAM strictly controls its distribution. We are investigating who was the source of this statement and how it was published.
On May 12, GAM Holding released a пресс-релиз about allegedly intending to provide $2-$3 billion to absorb excess supply of the coin to restore the peg to the U.S. dollar.
GAM operates offices in 14 countries, employing 605 staff. Assets under management total CHF 94.8 billion (~$103 billion).
On May 10, the price of UST fell below the $1 level. At the time of writing, quotes are near the $0.1 mark. The price of the LUNA cryptocurrency, used to support the stability of UST through arbitrage, collapsed to $0.00001 (CoinGecko).
For the first time, the UST price briefly lost its peg to the dollar on May 8. Subsequently, the Luna Foundation Guard allocated $1.5 billion for lending to OTC traders to support the stability of the stablecoin.
During the ensuing crash on May 11, Terraform Labs chief Do Kwon presented a plan to restore the price of UST. This did not stop further declines in the quotes of the ‘stablecoin’ and LUNA. The next day he announced possible additional measures to rescue the stablecoin.
On May 13, validators halted the Terra blockchain for the second time in a day.