Trades involving Grayscale Bitcoin Trust, Terra’s Luna and UST tokens eventually led to the blowup of beleaguered crypto fund Three Arrows Capital, its founders told Bloomberg. By shauryamalwa
they took on some $200 million in losses related to LUNA and the now-imploded algorithmic stablecoin UST. Prices of the two tokens entered a death spiral in mid-May and fell to nearly zero in the following weeks.
LUNA lost nearly all of its value over the course of a week in mid-May, while ecosystem algorithmic stablecoin terraUSD fell to a few pennies after losing its intended peg with the U.S. dollar. GBTC shares were locked for six months, meaning falling prices led to holders taking on losses instead of profits. GBTC’s premium switched to a discount over the past year, reaching a record discount in June. This meant massive losses for investors like 3AC who piled on billions of dollars worth of exposure to the product. However, using leverage to juice up returns led to tears instead.
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