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Avalanche Lost $60 Million in Terra Crash Over UST Partnership

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Today’s Cryptocurrency Headline

Avalanche lost about $60 million in the UST crash, Emin Gün Sirer, CEO of Ava Labs and founder of Avalanche, revealed in an interview with Forbes. Previously, the Avalanche Foundation partnered with Terraform Labs to introduce UST into its ecosystem. As part of the partnership, Luna Foundation Guard (LFG) purchased $100 million worth of AVAX to increase its UST reserves, with a portion of AVAX being “paid” in UST and LUNA, and the value of these tokens has shrunk considerably. However, Emin Gün Sirer said that Avalanche on-chain transactions have not been affected by the UST incident and the current average daily transaction volume remains at the level of $1-2 billion.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The Ethereum blockchain has burned 2.35 million ETH since EIP-1559 was deployed, which means that $8.1 billion worth of ETH has been burned over the past nine months. Bitcoin is up 3.1% over the last 24 hours and rose to an intraday low of $30,454.81. The largest cryptocurrency rebounded from $28,700.00 on May 20, suggesting strong buying near this level. Over the last two weeks, the price has been consolidating inside the $28,000-$3,1000 zone and considering the current global Macroeconomics and recent price action, it’s too early to label the present region as the bottom.

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