Last night reports surfaced that GAM was negotiating with Terraform Labs to support the Luna stablecoin, which GAM vehemently denies.
GAM has rejected reports it was in negotiations with Terraform Labs to support the Luna Stablecoin. A press release purported to have been issued by GAM came at 23:00 UK time on May, 12, the asset manager said in a statement Friday.
The rebuttal was blunt and firm saying «There is no truth in the story and GAM did not issue a press release.»
GAM says it has strict controls on the publication of press releases and is investigating the source of the report came from and how it came to be published.
The report has already been picked up and spread by various crypto news sites. The stable coin Luna had recorded a severe price drop earlier this week, which was seen as the trigger for losses in other cryptocurrencies.
