As if being in a bear market wasn't bad enough, the collapse of the world's third-biggest stablecoin ecosystem has surely made matters even worse.
The Luna Foundation Guard (LFG), a Singapore-based non-profit which maintains the Terra network, has reportedly been reaching out to investors in the hopes of obtaining funding to shore up the troubled stablecoin.
The LFG hopes to generate over $1 billion in order to collateralize the UST stablecoin. Do Kwon, the founder and CEO of Terraform Labs, has mostly remained silent about the whole thing, and the aforementioned funding has yet to be confirmed.
Although the CEO has promised to make things right, it may infact be too late as numerous investors have already lost faith in Terra and UST and even Binance has stated that LUNA and UST withdrawals have since been suspended due to network congestion.
Luna Foundation Guard Unable To Collateralize UST Stablecoin
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
September 16,2024
Worldcoin Being Investigated By Singaporean Authorities For Potentially Violating Regulations
September 16,2024
Flappy Bird May Be Revived In Web3 Format Despite Original Creator Not Being Involved
September 16,2024
Web3 Fundraising Deals - 10th To 16th September, 2024
September 15,2024
BTC Finally Starts To Recover As Total Crypto Market Cap Up By $70 Billion
September 14,2024
Coinbase Wrapped BTC Reaches Impressive Milestone In Just 24 Hours
September 13,2024
United States SEC Admits Several Cryptocurrencies Are Not Securities
September 13,2024
OpenAI Releases New AI Model Series To Support Smart Contract And Blockchain Capabilities
September 12,2024
Inaugural Congressional Hearing About DeFi Takes Place
September 12,2024
Cardano Hits New Network Milestones As Hoskinson Debunks Faulty Staking Claims
September 11,2024
Nucoin Will Be Discontinued As Holders Given Option To Convert To BTC Or USDC
September 11,2024
PayPal And Venmo Will Integrate Ethereum Name Service For Crypto Transfers
September 10,2024