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Swiss asset manager denies $3B LUNA/UST bail-out talks By Cointelegraph

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Swiss asset manager denies $3B LUNA/UST bail-out talks By Cointelegraph



No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks

GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the ecosystem, including LUNA and the TerraUSD (UST) stablecoin.

An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.