UST

Technology

YC-backed DeFi startup Stablegains faces a lawsuit after losing $44M of users' funds by investing them in UST, after earlier claiming it was investing in USDC (Timothy Craig/Crypto Briefing)

[ad_1] Timothy Craig / Crypto Briefing: YC-backed DeFi startup Stablegains faces a lawsuit after losing $44M of users’ funds by…

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Technology

Luna Foundation Guard says its bitcoin reserves have depleted from ~80K to ~300 and the remaining UST and LUNA tokens will be used to compensate investors (Sam Kessler/CoinDesk)

[ad_1] Sam Kessler / CoinDesk: Luna Foundation Guard says its bitcoin reserves have depleted from ~80K to ~300 and the…

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Technology

Terraform Labs halts Terra block production for the second time in 24 hours "to come up with a plan to reconstitute it", after UST and LUNA collapsed (Sunil Jagtiani/Bloomberg)

[ad_1] Sunil Jagtiani / Bloomberg: Terraform Labs halts Terra block production for the second time in 24 hours “to come…

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Business

Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 30 cents

[ad_1] The two main tokens from embattled crypto project Terra went into free fall Wednesday. TerraUSD, or UST, plunged to…

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Technology

Luna and its related UST stablecoin continue to crash; Luna drops to as low as $4.51, an 85% slide in 24 hours, while UST drops to as low as $0.27 (Tim Copeland/The Block)

[ad_1] Tim Copeland / The Block: Luna and its related UST stablecoin continue to crash; Luna drops to as low…

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Technology

Sources: Luna Foundation Guard aims to raise $1B+ to shore up UST stablecoin, now trading for ~$0.92; one deal being negotiated offers LUNA tokens at 50% off (Frank Chaparro/The Block)

[ad_1] Frank Chaparro / The Block: Sources: Luna Foundation Guard aims to raise $1B+ to shore up UST stablecoin, now…

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Technology

A look at Do Kwon's algorithmic UST stablecoin, designed to trade at $1, after it fell as low as $0.60; CoinMarketCap says there are 18.5B UST in circulation (Stacy-Marie Ishmael/Bloomberg)

[ad_1] Stacy-Marie Ishmael / Bloomberg: A look at Do Kwon’s algorithmic UST stablecoin, designed to trade at $1, after it…

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Technology

Binance has suspended withdrawals of LUNA and UST tokens due to high volume of pending withdrawals and "network slowness and congestion" (Sam Reynolds/CoinDesk)

[ad_1] Sam Reynolds / CoinDesk: Binance has suspended withdrawals of LUNA and UST tokens due to high volume of pending…

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Stock Market

Terra’s UST De-Pegs by 40%, Raising Questions About Feasibility of Algorithmic Stablecoins The algorithmic stablecoin dropped below its $1 peg as the LUNA token plunged.

[ad_1] Terra’s stablecoin UST, the poster child for decentralized assets tied to the US dollar, is off its peg by…

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Technology

UST loses its dollar peg twice in <48 hours, going as low as $0.9825, after the Luna Foundation Guard said it would defend the stablecoin with bitcoin reserves (Sam Kessler/CoinDesk)

[ad_1] Sam Kessler / CoinDesk: UST loses its dollar peg twice in <48 hours, going as low as $0.9825, after…

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