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No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks

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GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and TrueUSD (UST) stablecoin.

An announcement published on May 12 claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin UST lost its $1 peg — causing a cataclysmic crash of the acclaimed blockchain protocol which had become a darling of the Decentralized Finance space.Cointelegraph has confirmed with GAM Investments that the press release was fabricated — with head of communications and investor relations Charles Naylor categorically labeling the release as fake news - which even included fake quotes from GAM CEO Peter Sanderson.Related: Breaking: Binance suspends LUNA and UST trading amid issues on Terra blockchainThe ongoing LUNA/UST debacle has been the focal point of the cryptocurrency space this week - with the collapse of the Terra ecosystem reverberating through the markets.

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