Swiss Asset Manager, GAM Holding Denies Earlier News About Possible Terra Bailout Plan

GAM Holdings emerged as the first global giant to provide its help to Terra and its weakening ecosystem.

Source: AccessWire

GAM up +2.71%, UST USD down -55.42%

GAM stated it expects to invest between $2 billion and $3 billion to absorb the excess supply of UST during its current selloff, which should revive the UST peg to the US dollar.

A day after the press release was published, the Zurich-based company published another one, claiming that the first was false. GAM stated it has started investigating the source of this story and how it came out.

Charles Naylor, Head of Communications and Investor Relations, GAM stated that the initial PR was false, but they had no information on how that information went out.

The events of last week drove Terra and its cryptocurrencies down, but the panic expanded throughout the market.