The Galois Capital co-founder foresaw the problems with UST, and joined CoinDesk TV's “First Mover” to discuss what could happen to it now.

For months now, Kevin Zhou, the co-founder hedge fund Galois Capital and former head of trading at digital asset exchange Kraken, has been sounding the alarm on the LUNA and UST issuer, Terraform Labs.

Timeline of Terrausd

A dollar pegged stablecoin, TerraUSD has lost its peg twice over the past few days and has not recovered yet. The algorithmic stablecoin broke its peg this Monday again, hence it is necessary for regulators to have a look at this particular model of stablecoin. The collapse of TerraUSD has come up with several risks …

U.S. Secretary of the Treasury Janet Yellen is calling for legislation that will regulate stablecoins to eradicate the risks she believes they pose to financial stability. While testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Yellen said the government is already aware that stablecoins are currently operating in an inadequate regulatory The post Treasury Secretary Yellen Says Stablecoins Pose Financial Stability Risks, Cites Collapse of TerraUSD (UST) appeared first on The Daily Hodl.

A proposal on Anchor's governance system advocates drastically reducing the UST yield. The post Anchor contributors consider cutting UST yield to 4% from 19.5% appeared first on The Block.

Arca, a leading cryptocurrency hedge fund is likely one of the many victims of the dramatic fallout of the Terra (LUNA) ecosystem and its dollar-pegged stablecoin UST, Coindesk reports. Hedge Funds Hit With the LUNA, UST Collapse Just a few…

The UST dollar peg touched a low of $0.6 on May 10th. Shortly after the Luna Foundation Guards (LFG) finished building their $3 billion treasures last week, the stablecoin was challenged due to low liquidity. The de-pegging of the UST Dollar began with large withdrawals from Anchor's pool 53, and the UST Dollar fell from …

The Securities and Exchange Commission is likely already investigating what happened to UST over the past week, two former SEC lawyers tell The Block.  The post The SEC has already sued Terraform Labs. It has every reason to investigate UST, lawyers say appeared first on The Block.

This isn't a very fun article to write. An entire ecosystem has blown up, and many lives have been destroyed. NFT projects, De-Fi apps, payment processing apps, Mirror, Anchor, Kash – these are just a few of the projects built on this once-thriving ecosystem. Even if you don't own a dollar of either Luna or The post What happened UST, and was it an attack? appeared first on Invezz.

In response to widespread rumors, hedge fund giants Citadel Securities and BlackRock say they don't trade any the notorious TerraUSD, a stablecoin that lost its peg to the dollar, wiping out $25 billion from the underlying asset.

Following the de-pegging debacle overtaking TerraUSD, several other stablecoins appear to have lost their peg to the dollar as well. The post Series of Stablecoins Lose Pegging Following TerraUSD (UST) appeared first on BeInCrypto.

CoinDesk reported Wednesday that Do Kwon, co-founder and chief executive of the development firm behind the Terra blockchain, was closely involved with an earlier stablecoin effort that failed to gain traction. The post Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports appeared first on The Block.