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FTX Head: TerraUSD collapse could have been predicted

FTX Head: TerraUSD collapse could have been predicted

Sam Bankman-Fried, the founder of the bitcoin exchange FTX and the richest man in the crypto industry according to Forbes commented on the fact that the algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar, causing the token to drop to $0.68.

On his Twitter, he noted that the problems with UST were predictable. It was sufficient to be familiar with the specifics of how Stablecoin works. The richest man in the crypto industry summed up his tweet by saying that market participants should pay more attention to studying the mechanisms of the coins they are interested in.

In turn, analyst Larry Cermak believes that there is no point in trying to save UST. The expert argued his opinion by the fact that stablecoin has already lost the trust of market participants. Therefore, any funding allocated to strengthen the position of TerraUSD would be a waste of money. Following online rumors, Larry Chermack shared his opinion that Sam Bankman-Friede-affiliated company Alameda Research has directed funds to support UST.

It's matters: Hoping for the best, prepared for the worst: why the crypto industry crisis is inevitable and what the Dot-com bubble has to do with it

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