Wednesday July 6, 2022

Citadel Securities and BlackRock Refute Rumors Trading TerraUSD (UST)Citadel Securities and BlackRock Refute Rumors Trading TerraUSD (UST)
  • One of the most shared tweets on Twitter was the foundation of the conspiracy theory.
  • In separate emails to Forbes, the companies refuted the rumors.

This morning, a new low was set for LUNA, the Terra blockchain’s native coin. On May 12, the cryptocurrency fell below the $0.30 mark for the first time, reaching $0.21. Amidst the most pessimistic mood the blockchain protocol has ever seen, the Terra community is in chaos as the ecosystem’s two main currencies, LUNA and UST, plunge freefall.

No Evidence Yet

Hedge fund giants, Citadel Securities and BlackRock have denied any participation in the TerraUSD trading. In separate emails to Forbes, the companies refuted the rumors. According to mounting rumors, financial behemoths have been accused of borrowing $100,000 worth of bitcoin from cryptocurrency exchange Gemini.

It’s still being claimed that they bought UST with BTC and then dumped it, leading to a market meltdown and erasing more than $25 billion in LUNA market value. Gemini denied the 100,000 bitcoin loan in reaction to the spreading rumors. After Gemini’s claims, an insider familiar with Citadel confirmed that the firm “does not trade stablecoins, including UST.” BlackRock also released a statement stating emphatically that the rumors were untrue.

One of the most shared tweets on Twitter was the foundation of the conspiracy theory. Even though BlackRock was first left off the list, the company quickly rose to the top. Rumors were not completely quashed because of the company’s recent foray into cryptocurrency. However, no concrete proof has surfaced to back up the tweet yet.

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Sequoia Capital and Paradigm, a crypto venture capital firm, have invested $1.15 billion in Citadel to use the company’s technology to legitimize crypto marketplaces. As an alternative, Circle and Coinbase’s USDC stablecoin now has BlackRock as its primary cash reserve manager. As a result, it invested in Circle’s latest $400 million funding round.

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