Liquidators Seek $1.3 billion from TerraForm Labs. To compensate the hedge fund from 2022 losses after TerraUSD and Luna Collapse
Liquidators of the bankrupt cryptocurrency hedge fund Three Arrows Capital are seeking at least $1.3 billion in compensation from Terraform Labs.Three Arrow liquidators seek $1.3b from TerraForm
The claim results from the massive losses Three Arrows suffered after the collapse of TerraUSD and Luna, tokens linked with Terraform Labs. The crash of these tokens wiped out Three Arrows’ investment, thus resulting in substantial losses in its other holdings. After the crash of TerraUSD and Luna, Three Allows Capital collapsed along with various crypto businesses associated with the tokens.
The collapse shocked the crypto world. Luna and UST crashed after UST lost its peg to the dollar, making it a stablecoin. TerraUSD was risky since it was not backed by cash, treasuries, or other traditional assets like other stablecoins like Tether’s USDT.
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