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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned that a lot of crypto tokens will fail and many crypto investors will get hurt following the collapse of terra (LUNA) and stablecoin terrausd (UST). SEC Chair Gensler’s Warning After LUNA and UST Collapse U.S. Securities and Exchange
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4pool was launched in early April and is composed of two decentralized stablecoins, UST and Frax Finance's FRAX, and two centralized stablecoins, USD coin (USDC) and tether (USDT). Vocal backers included Terra's Kwon, who even tweeted that the 4pool’s “goal is to starve 3pool,” the biggest Curve pool. Source
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Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole branch just days before the collapse of terra crypto (LUNA) and stablecoin terrausd (UST). Do Kwon Shut Down Terraform Labs Korea Before UST and LUNA Fallout Terraform Labs founder Do Kwon reportedly closed down his company in
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The FSB, an international body based in Basel that was responsible for generating many of the post-2008 financial norms, had previously promised a report on the regulation, supervision and oversight of global stablecoins for October of this year. The FSB's leader, Klaas Knot, has already volunteered to write a crypto
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“We believed a high level of external collateralization was a necessity in the long run, and we saw this as a path to get there. Unfortunately, it didn’t grow fast enough compared to UST supply, and, combined with a fall in value of the BTC reserves, the liability overhang was
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The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider. While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the
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Argo was able to sell its UST positions at 93 cents per token before the price fully collapsed, according to Wall. Most recently, UST was still trading around 10 cents according to CoinDesk’s price index. “Looking back [selling at that level] was a very good move given last time I
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South Korea’s top financial regulators have launched an emergency investigation into the collapse of cryptocurrency LUNA and stablecoin UST. The authorities have asked domestic cryptocurrency exchanges to provide information relating to transactions and investors of the two coins. South Korea’s Emergency Investigation Into LUNA, UST South Korea has launched an “emergency” investigation
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The dramatic fall of Terra (LUNA) along with the algorithmic stablecoin UST has been a major talking point among the crypto industry. And now the South Korean Conservative Party has requested a parliamentary hearing on the matter.Korea's conservative party requested to have a hearing about the Terra incident. The politician
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In what may have marked the largest token collapse in crypto history, Terra’s $40 billion stablecoin juggernaut crashed last week. Terra’s UST stablecoin, which is supposed to stay “pegged” to the price of the dollar, plummeted below 10 cents. LUNA, which UST’s “algorithm” uses to help prop up the stablecoin’s
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