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    WebsCrypto—News—Market News—Theblock Data Research Director: Jump Crypto Lost Hundreds of Millions of Dollars Due to This UST De-anchoring Incident
    Market News

    Theblock Data Research Director: Jump Crypto Lost Hundreds of Millions of Dollars Due to This UST De-anchoring Incident

    By WebsCryptoMay 16, 2022
    Theblock Data Research Director: Jump Crypto Lost Hundreds of Millions of Dollars Due to This UST De-anchoring Incident
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    Igor Igamberdiev, director of data research at The Block, said on Twitter that Jump Crypto attempted to stabilize UST’s peg to the U.S. dollar a week ago and added more than $682.5 million in liquidity in other U.S. dollar stablecoins to the liquidity pool on Curve and represented by LPs. Coin withdrew nearly 600 million UST in liquidity.

    After that, Jump Crypto minted UST as LUNA for arbitrage from around 6:00 on May 10th, Beijing time. On May 12, Jump Crypto completed the transaction on the Terra chain, minting 640 million UST into 221 million LUNA and entrusting it to 5 validators.

    Igor Igamberdiev also stated that although Jump Crypto used capital approximately equal to the size of the entire UST pool, it failed to stop it from falling and lost at least hundreds of millions of dollars in this incident.

    DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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