Terra’s native stablecoin TerraUSD (UST) tumbled 40% against another stablecoin, Tether, at $0.6 last night.
UST, which has started to recover again in the last few hours, has not been fixed to 1 dollar yet. Stating that you have constantly added Bitcoin to your account before, Luna Foundation Guard said, About 42,530 bitcoins He bought it at a cost of 42 thousand dollars. However, there is no bitcoin in the account where they are currently accumulating bitcoins.
After no bitcoins in the account, Terra’s allegedly sold all bitcoins. However, in the statement made by the company, Borrowing 37,000 Bitcoins to market makers He stated that only a small part of the bitcoins have been sold so far. If their purpose Maintain stability by purchasing UST was told it was.
In a statement made by Terra on May 9:
The cryptocurrency market has been volatile for the past few days. Due to the macroeconomic conditions, the markets were also heavily affected. There were significant movements in LUNA, Bitcoin and UST. Even if the current situation has returned to normal, LFG will endeavor to preserve the stability of the UST and the Terra ecosystem so that we do not experience such an event again in the future.
it was said.
Also, the world’s largest crypto exchange Binance, LUNA and UST suspends withdrawals and deposits announced. It was stated that the reason for the suspension was due to the large number of withdrawal requests.