• FAQ
  • Contact Us
  • Sitemap
Newsletter
Cripto News
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • News
  • Guide
No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • News
  • Guide
No Result
View All Result
Cripto News
No Result
View All Result
Home Blockchain

BlackRock And Citadel Deny Trading Cratering Stablecoin

admin by admin
in Blockchain
0
BlackRock And Citadel Deny Trading Cratering Stablecoin
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Asset manager BlackRock and hedge fund giant Citadel Securities have denied trading the troubled TerraUSD (UST), in separate emails sent exclusively to Forbes.

Related articles

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do

Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do

The comments come on the back of rapidly spreading rumors the financial giants had jointly borrowed 100,000 bitcoin (worth about $3 billion at today’s price) from cryptocurrency exchange Gemini to purchase UST, only to dump the assets causing the market to collapse and wiping out more than $25 billion in the underlying LUNA market value.

Following on a tweet from Gemini posted earlier today, which denied making a 100,000 bitcoin loan to any large institutional counterparties, a Citadel source familiar with the allegations confirmed the company “does not trade stablecoins, including UST.” BlackRock went even further.

“Rumors that BlackRock had a role in the collapse of UST are categorically false,” said BlackRock spokesperson Logan Koffler. “In fact, BlackRock does not trade UST.”

The rumor mill started two days ago when a tweet with a similar message, though notably absent any mention of BlackRock, was retweeted more than a thousand times. At the moment, Forbes has not identified credible evidence to support the claims.

The rumors seem to have gained traction thanks in no small part to both firms’ recent entrance into crypto.

In January, Citadel accepted a $1.15 billion investment from traditional VC firm Sequoia Capital and crypto venture giant Paradigm, which wants to use the firm’s technology to bring credibility to crypto markets, according to a statement. Last year, billionaire Citadel CEO Ken Griffin earned the ire of many cryptophiles when he outbid a group of 17,000 crypto investors to purchase an original copy of the U.S. Constitution.

BlackRock, on the other hand, recently became the primary reserve manager for the cash reserves of another stablecoin, USDC, managed by Circle and Coinbase, and made a strategic investment in Circle’s latest $400 million funding round.

The stakes of the stablecoin collapse were further exacerbated by the rapid rise of the $176 billion cryptocurrency subset, which seeks to use more stable assets like the U.S. dollar or mathematics to compensate for crypto’s notorious volatility. U.S. Treasury Secretary Janet Yellen cited the collapse yesterday when she called for stablecoin regulation by the year’s end.

Share76Tweet47

Related Posts

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

by admin

In 2018, struck by the Securities and Exchange Commission’s series of refusals to approve a bitcoin ETF, a group of...

Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do

Large Crypto Losses May Not Become Instant Tax Write-0ffs, But Here’s What You Can Do

by admin

What Happened The recent crypto market downturn and the upcoming recession fears have led many investors to sell their cryptocurrency...

Sequoia China-Backed Crypto Financial Services Firm Hits $2 Billion Valuation

Sequoia China-Backed Crypto Financial Services Firm Hits $2 Billion Valuation

by admin

Babel Finance, a Hong Kong-based crypto lender and asset manager, has secured $80 million from investors including crypto venture firms...

Ethereum Scaling Company StarkWare Quadruples Valuation To $8 Billion Amid Bear Market

Ethereum Scaling Company StarkWare Quadruples Valuation To $8 Billion Amid Bear Market

by admin

Markets are down, but blockchain companies can still attract capital at sky-high valuations. In the latest example, Ethereum developer StarkWare...

Cryptocurrencies copying Bitcoin don’t really make the cut, experts say

Cryptocurrencies copying Bitcoin don’t really make the cut, experts say

by admin

Pierre Rochard said that Bitcoin is the best digital money network and everything else is worse. Interview Cointelegraph’s Joseph Hall...

Load More
  • Trending
  • Comments
  • Latest
Valour provides crypto ETPs to clients of major German banks

Valour provides crypto ETPs to clients of major German banks

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

Former Top Regulators Chris Giancarlo, Brian Brooks Invest In Crypto Risk Monitoring Startup Solidus Labs

Upland expands internationally with a sell-out in Rio de Janeiro

Upland expands internationally with a sell-out in Rio de Janeiro

What The Negative Bitcoin Funding Rates Say About Investor Outlook

What The Negative Bitcoin Funding Rates Say About Investor Outlook

Want To Learn More Aabout Lynqyo (LNQ)? Here Is A Detailed Guide For This Upcoming Crypto Token | NewsBTC

Want To Learn More Aabout Lynqyo (LNQ)? Here Is A Detailed Guide For This Upcoming Crypto Token | NewsBTC

How to Sell Bitcoin in 2019 | Bitcoin ATMs, Cash, Exchanges Guide

How to Sell Bitcoin in 2019 | Bitcoin ATMs, Cash, Exchanges Guide

Ethereum Whales Shift Their Holding Into Reputable Exchanges

Ethereum Whales Shift Their Holding Into Reputable Exchanges

Bitcoin MVRV Ratio Is Back Below 1 As Average Holder Slips Into Loss

Bitcoin MVRV Ratio Is Back Below 1 As Average Holder Slips Into Loss

Will Ethereum Complete Bearish Pattern And Plunge To $1,000?

Will Ethereum Complete Bearish Pattern And Plunge To $1,000?

Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?

Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?

What The Negative Bitcoin Funding Rates Say About Investor Outlook

What The Negative Bitcoin Funding Rates Say About Investor Outlook

Major NFT Marketplace X2Y2 Changes Royalties Policy, Here’s Why It Is Crucial

Major NFT Marketplace X2Y2 Changes Royalties Policy, Here’s Why It Is Crucial

How to Sell Bitcoin in 2019 | Bitcoin ATMs, Cash, Exchanges Guide

How to Sell Bitcoin in 2019 | Bitcoin ATMs, Cash, Exchanges Guide

How To Buy Bitcoin? | BTC Guide For Beginners

How To Buy Bitcoin? | BTC Guide For Beginners

How To Store Bitcoins | Where Are Bitcoins Stored?

How To Store Bitcoins | Where Are Bitcoins Stored?

Bitcoin Pros and Cons | Advantages and Disadvantages of BTC

Bitcoin Pros and Cons | Advantages and Disadvantages of BTC

Is It Safe To Use Bitcoin in 2020?

Is It Safe To Use Bitcoin in 2020?

Crypto.com Expansion Continues, Now Registered In Canada

Crypto.com Expansion Continues, Now Registered In Canada

The latest news in the world of cryptocurrencies

Categories

  • Bitcoin
  • Blockchain
  • Business
  • Guide
  • News
  • Sitemap
  • Contact Us
  • FAQ

© 2022 Cripto News All Rights Reserved

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2022 Cripto News All Rights Reserved