FMP
UST Drops to All-Time Low of $0.66
May 10, 2022 4:08 PM - Davit Kirakosyan
Image credit: FMP
UST dropped to its all-time low of $0.66 yesterday, triggering a lot of discussions regarding the stablecoin’s damaged reputation and the lost trust in LUNA, UST, and Terra.
While the stablecoin’s price climbed back to $0.935 today, rumors and discussions aren't stopping, with a large number of theories swirled around this topic.
Among the claims/rumors were (1) the involvement of Citadel, (2) the pause of Binance order books during the UST sell-off, (3) the bailing out of Terra by a well-known crypto fund, which funneled billions back into the stablecoin’s ecosystem.
According to bitcoin advocate Hasu’s tweet on Monday, he doesn’t “want people to call UST decentralized again”, regardless of how this ends. Larry Cermak, the blockcrypto’s head of research, said the trust is irreversibly gone, even if the prices are back to $1 by some miracle.
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