HomeBitcoinTerra's Collapse (LUNA): Blackrock, Citadel, and Gemini deny any participation.

Terra’s Collapse (LUNA): Blackrock, Citadel, and Gemini deny any participation.

-

Blackrock, the world’s largest asset manager, and hedge fund titan Citadel Securities have denied any involvement in the demise of TerraUSD (UST) and TerraUSD (LUNA). Furthermore, cryptocurrency exchange Gemini denied making the bitcoin loan that led Terra to fail.

Indeed, following the collapse of terra ($LUNA) last week after the algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar, speculations circulated that Blackrock, Citadel Securities, and Gemini were to blame.

According to reports, Blackrock and Citadel Securities borrowed 100,000 BTC from the Gemini cryptocurrency exchange and traded 25% for UST. The two corporations subsequently unloaded UST and BTC, causing both cryptocurrencies’ values to plummet.

Gemini, a cryptocurrency exchange, also disputed the reports. The firm tweeted:

We are aware of a recent story that suggested that Gemini made a loan of 100K BTC to large institutional counterparties which would have resulted in a selloff in LUNA. Gemini made no such loan.

Citadel Securities, a hedge fund powerhouse, likewise stated that it had nothing to do with the UST stablecoin’s demise. According to a firm spokeswoman, the company “does not trade stablecoins, including UST.” Blackrock also disputed the rumors, saying:

Rumors that we played a role in the collapse of the UST are categorically false. In fact, BlackRock (NYSE:BLK) does not trade USTs.

Circle Internet Financial Ltd, the creator of the stablecoin USD Coin, was recently supported by the asset management (USDC). With a market valuation of approximately $50 billion, Circle’s stablecoin is presently the fourth biggest cryptocurrency.

 

Leave a Reply

LATEST POSTS

For its international payments, Russia is experimenting with a CBDC.

According to reports, Russia intends to develop and use a digital currency for settlements with China. The pilot project for this new currency should be...

The Original name of Bitcoin was actually Something Else.

Finding a name for your technological gem is just as important as creating it. Weinberger, a bitcoin engineer and enthusiast, believes he has found a...

The SEC v. Ripple lawsuit grants Chamber of Digital Commerce permission to participate.

The crypto advocacy group is given "the friend of the court" status. The Chamber of Digital Commerce (CDC), a U.S. advocacy group for cryptocurrencies, has been...

Chinese bans are useless, BTC does not stop.

As Bitcoin trades at $19,275, up 1,822%, the atmosphere is still tight in the cryptocurrency market ahead of the Fed’s interest rate announcement today. However, the...

Follow us

0FansLike
3,506FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: