Скачать или смотреть Crypto Entrepreneur Backs Terra Relaunch Amid Skepticism Says Price

ong Kong’s Hex Trust had been working closely with Terraform Labs when the Singapore-based company’s crypto tokens, UST and Luna, collapsed early last month. The crypto custodial firm said it had managed to avoid the “bloodbath” by liquidating its collateral positions in the days just prior to the implosion. Hex Trust had seen the warning signs begin to emerge over the weekend of May 7 and 8, when investors started pulling their funds out of Anchor Protocol, a crypto lending platform that promised nearly 20% interest payments for deposits of UST. Over the ensuing two days, UST lost its peg to the U. S. dollar, plunging by as much as 25%, according to tracker CoinGecko. Although Terraform Labs was one of the investors in Hex Trust’s $88 million funding round announced in March, the crypto custodian said it didn’t receive any information from Terraform Labs as the collapse unfolded. Terraform Labs, which also developed Anchor, suspended UST’s swap line with other stablecoins—a clear sign that it could no longer defend UST’s value.“Luckily we’re very conservative from a risk perspective,” Hex Trust’s cofounder and CEO Alessio Quaglini said from the firm’s head office in Hong Kong. “We’re always over collateralized, so we didn’t have to take any loss from the collateralized lending side.”Hex Trust is a crypto custodian firm that safeguards clients’ private keys—the passwords that allow users to send and receive cryptocurrencies—from theft or accidental loss. Custodians typically earn fees for holding assets so that asset managers can instead focus on investment decisions. Quaglini believes custody is going to be the “secret ingredient” for the development of the blockchain industry over the long term as firms like his enable traditional financial institutions to safely navigate the fast-evolving and volatile crypto markets. In fact, the recent sell-off may turn out to be beneficial, according to Quaglini, because it should spur regulators to get more involved in the crypto markets, which in turn will foster faster adoption by the institutional investors that his firm serves. In early June, Japan’s parliament passed a landmark law that requires stablecoins to be pegged to legal tenders and guarantee holders the right to redeem them at face value. Meanwhile, a bipartisan pair of U. S. senators have introduced a crypto bill that includes stablecoins, and the U. K. government has proposed amending existing rules to give the Bank of England the power to manage failed stablecoin issuers. The crypto market is now in the “hospitalization triage” phase, according to Quaglini, with many investors still assessing the damages and reorienting their portfolios. “I think the beauty of this market is that it readjusts very quickly and dynamically,” he said. The crypto industry saw nearly $800 billion worth of wealth evaporate since May, according to CoinGecko as of Tuesday. Luna, which was created to help maintain UST’s peg to the dollar, crashed to near zero.


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