UST Depeg Following

May 23,2022
Avalanche Founder: Avalanche Lost More Than $60 Million in the UST Collapse KingData News: In a May 22 interview with Forbes, Ava Labs CEO and Avalanche founder Emin Gün Sirer revealed that Avalanche lost a total of approximately $60 million in the UST collapse. As part of the partnership, Luna Foundation Guard (LFG) purchased $100 million worth of AVAX to augment its UST reserves, a portion of which was "paid for" with UST and LUNA. However, Emin Gün Sirer said that transactions on the Avalanche chain have not been affected by the UST incident and that the average daily trading volume is still at $1-2 billion.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.
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