Citadel Securities, BlackRock Push Back Against Rumors of Involvement in Terra (LUNA) Collapse: Report
-BlackRock and Citadel Securities are pushing back against the notion that they were involved in the disintegration of LUNA and its stablecoin TerraUSD (UST).
-A representative of Citadel told Bloomberg that the company does not trade in stablecoins, including UST.
-Similarly, BlackRock spokesperson Logan Koffler told Bloomberg that rumors that BlackRock had a role in the collapse of UST are categorically false. In fact, BlackRock does not trade UST.
-Terras price recently witnessed a massive 99% hyperinflationary downswing that saw it go from around $1.00 to $0.0083, prompting the blockchain to cease operations.
-LUNA has dipped even further and is moving for $0.00015 at time of writing.
-TerraUSD also saw a huge price drop as it depegged from the dollar, falling all the way down to $0.08 before rebounding to $0.154 at time of writing.
-However, Terra founder and CEO Do Kwon says he has a plan to preserve the embattled crypto asset by reconstituting the chain and resetting network ownership to one billion tokens.
