Home news Factbox: Crypto lenders faces challenges

Factbox: Crypto lenders faces challenges

by George Mensah
crypto..slashbeats

Crypto lenders, which boomed during the COVID-19 pandemic, have recently encountered difficulties as a result of a slump caused by the failure of a major token in May and a global risk-off sentiment.

Some of the companies that have recently been in trouble are listed below:

Terraform Laboratories

The South Korean firm behind the dollar-pegged stablecoin TerraUSD and its paired token Luna saw its value plummet in May, sparking sell-offs and igniting a chain reaction.

Do Kwon, the company’s co-founder, announced a “recovery plan” in May, including additional outside funding and the rebuilding of TerraUSD so that it is backed by reserves rather than an algorithm to maintain its 1:1 dollar peg. r

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According to a spokesperson for South Korea’s Supreme Prosecutors’ Office, several Terraform employees have been placed on a no-fly list and are unable to leave the country.

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