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
Photographer: Woohae Cho/Bloomberg

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By Sidhartha Shukla and Emily Nicolle

May 16, 2022 at 11:25 AM UTC

Updated on

May 16, 2022 at 2:40 PM UTC

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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.