UST Depeg Following

May 19,2022
Delphi Ventures Lost Over $10M in Terra Investment KingData News: Delphi Digital reveals its involvement with Terra across the various Delphi divisions on its official blog. The excerpts are as follows: Delphi Ventures Master Fund purchased a small amount of $LUNA (~0.5% of our NAV) on the secondary market in Q1 2021. Net, we only increased our exposure since our original purchase and are currently sitting on a large unrealized loss. Even at LUNA’s peak price this year, LUNA and other Terra assets made up only ~13% of NAV across Delphi Ventures. On a deal-count basis, less than 5% of Ventures’ total number of deals were in companies or protocols related to the Terra ecosystem. This includes Delphi Ventures’ participation in the recent LFG raise (February 2022) – a $10M investment which, based on the current LUNA price, is entirely lost. Delphi Ventures did not sell any LUNA during this event. Delphi Research has not and will never accept payment to publish research. From a financial perspective, the Research entity’s balance sheet was unaffected by this event, except for ~20,000 in UST payments we received for subscriptions through Suberra. We have not sold any of the UST.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.
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