GAM refutes claims it has entered negotiations to prop up Luna stablecoin

False press release

James Baxter-Derrington
clock • 1 min read
UST broke from its peg against the US dollar, which it is designed to track, and is currently trading around $0.16.
Image:

UST broke from its peg against the US dollar, which it is designed to track, and is currently trading around $0.16.

Swiss asset manager GAM has denied claims it has entered negotiations with Terraform Labs in order to support the Luna stablecoin.

A press release purporting to come from the fund house was issued at 2300 BST yesterday (12 May), alleging the manager had entered negotiations to invest between $2-3bn in order to burn excess supply of...

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