Gemini denies rumors of 100,000 Bitcoin loan and involvement in Terra massive sale
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Gemini denies rumors of 100,000 Bitcoin loan and involvement in Terra massive sale
New York-based Gemini has refuted allegations of its involvement in the massive sale of LUNA coins.
Gemini clarifies that it is not involved in the price drop of LUNA:
Gemini, through its official account on ., denied it TwitterPrevious rumors that the company contributed to the price drop of LUNA after lending 100,000 bitcoins (worth $2.8 billion at the time of writing) to investment giant BlackRock and Citadel.
Gemini explained:
We are aware of a recent story that Gemini loaned 100,000 BTC to large opposing institutional parties, which led to the LUNA sale.
Gemini has not offered such a loan.
Read:The NEO project is preparing to unlock 1.6 million NEO digital currencies… and the crypto community is interacting
Previous rumors stated that “BlackRock” and “Citadel” jointly borrowed 100,000 Bitcoin from Gemini.
Both companies allegedly exchanged 25,000 bitcoins for UST, an algorithmic stablecoin that lost its correlation, only to later get rid of both assets (luna and ust), which supposedly caused LUNA’s massive sell-off and the break of UST’s $1 peg.
According to a report,ForbesBlackRock and Citadel also dispelled the rumors.
A source from Citadel said that the company is not involved in any stablecoin trading, including the UST coin.
BlackRock also made it clear that, like Citadel, it does not trade UST.
LUNA is currently down more than 97%, with the price hovering around $0.07, according to CoinGecko.
The UST stablecoin, which has not yet regained parity with the dollar, is at $0.46.
Do Kwon, founder of Terra, recently proposed a plan to restore the UST link.
It endorsed Community Proposition 1164, which indicates an increase in LUNA’s mint capacity from $293 million to approximately $1.2 billion.
The Terraform Lab head added that while rebuilding UST, the team will adjust the stablecoin’s mechanism to be foolproof.
Read:The COTI project and the Fantom project partner to build a new payment system
Read also:
Bitcoin falls below 28 thousand dollars and Ethereum below two thousand dollars with liquidation of more than 1.2 billion dollars
Coinbase warns its users that it may keep their digital assets in the event of bankruptcy
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time