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Cost of Failed Terra Stablecoin Rescue Reaches $2.9 Billion

  • LFG held almost $3.2 billion in crypto reserves before crash
  • Remaining reserves to be used to reimburse UST holders
Terraform Lab CEO Do Kwon

Terraform Lab CEO Do Kwon

Photographer: Woohae Cho/Bloomberg
Updated on

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A backer of the collapsed TerraUSD stablecoin has burned through almost all of its more than $3 billion in cryptocurrency reserves in a failed effort to restore its peg to the dollar.