Delphi Digital admits 'we were wrong' on Terra stablecoin risks By RyanJamesWeeks
The research and investment firm says “we always knew something like this was possible” following last week’s collapse of the TerraUSD stablecoin.
Crypto-focused research and investment group Delphi Digital has published a post-mortem on the losses inflicted by last week's collapse of TerraUSD algorithmic stablecoin, concluding that it"always knew something like this was possible." late Wednesday."To the vocal critics of Terra’s algorithmic design — you were right and we were wrong."in catastrophic fashion last week, destroying more than $40 billion in value for investors. Delphi, which competes with The Block to offer research on the crypto industry, had been a backer of the Luna Foundation Guard , a Singapore-based non-profit entity with a mission to boost the Terra ecosystem.
As recently as April, Delphi had written in a research newsletter that LFG's bitcoin purchases"gives higher security to defend UST’s peg to the dollar" and is"likely reducing the risk of it heading into a death spiral." And in March the firm had launched an offer to allow clients to pay for their subscription with their UST balance and interest earned from Terra's Anchor Protocol.
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