$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse

May 16, 2022
  • Luna Foundation Guard said it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD.
  • TerraUSD — or UST, for short — has fallen well below its intended $1 peg. By Monday, it was trading at just 9 cents.
  • Terra creator Do Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

Investors have been eager to find out what happened to the more than $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they’ve got their answer.

Read more: https://www.cnbc.com/2022/05/16/what-happened-to-the-bitcoin-reserve-behind-terras-ust-stablecoin.html

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