. stablekwon, the CEO behind $UST, was also behind the failed Basis Cash that sank in 2021.
), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.and was trading well below 1 cent on Wednesday. Now history appears to be repeating: Over the last three days, UST sank precipitously below its peg, going as low as 27 cents in early morning U.S. hours Wednesday.as the once-$15 billion stablecoin has continued its downward spiral. While BAC’s $54.
Another Basis Cash builder who spoke to CoinDesk on condition of anonymity confirmed that Do Kwon and TFL employees were behind the project. is to respect the privacy of pseudonymous actors with established reputations under their well-known handles unless there is an overwhelming public interest in revealing their real-world identities.
An anonymous team of builders – mostly employees of Terraform Labs, according to chat logs reviewed by CoinDesk – modeled Basis Cash after an earlier project called Basis .
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