Terra is on its own. What seemed like a rescue operation ended up being just fake news, as confirmed by GAM Investments.
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, includingAn announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs toafter Terra’s algorithmic stablecoin, UST, lost its U.S. dollar 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, even including fake quotes from GAM CEO Peter Sanderson. GAM’s head of communications and investor relations, Charles Naylor, categorically labeled the release as fake news.
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