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 the UST stablecoin, as it is dumped in what some have said resembles a bank run. The release added that GAM intended to help Terra re-establish the UST peg back to $1, which it broke from on Monday (9 May). It included a false statement from the firm's CEO, in which it was claimed Peter Sanderson and GAM had an interest in "supporting a vibrant, innovative, and resilient crypto market"...
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