cryptonews: The developer of the stablecoin whose failure led to dozens of massive crypto bankruptcies that deepened the 2022 crypto winter and helped crush the industry's credibility is now facing an attack by U.S. regulators. 👀
The developer of the stablecoin whose failure led to dozens of massive crypto bankruptcies that deepened the 2022 crypto winter and helped crush the industry's credibility is now facing an attack by U.S. regulators.
The TerraUSD stablecoin, once the third-largest by market capitalization, collapsed in the space of a week after its arbitrage-based method of maintaining its dollar-peg using the free-floating LUNA token failed. Both ran nearly to zero.
The agency has announced its intention to sue Paxos for issuing its Binance USD token as an unregistered security, the firm revealed on Feb 13.
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