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A comment on $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse. Parent comment

Re:$3B in Bitcoin was sold in a last-ditch attempt to save U... by Traster on Monday May 16, 2022 @12:20PM (#31399670)
That's where it gets incredibly funny. They persuaded everyone that UST was worth $10Bn dollars and then went and bought $3Bn of BTC with the profits. At which point the obvious question is "Hey - isn't this asset by definition worth $3Bn"? And the answer is "Oh, no, by the time it drops from $10Bn to $7Bn we've burned all our collateral and it's worth 0".
[ Parent | on HN ]
Re:$3B in Bitcoin was sold in a last-ditch attempt to save U... by seoaeu on Monday May 16, 2022 @04:03PM (#31402559)
The even funnier aspect is that that instead of trying to stabilize the token or just liquidating all UST at 30¢ on the dollar, the creators decided to abscond with all the collateral and leave UST holders with nothing
[ Parent | on HN ]