It seems someone is not coping well with the whole Terra/Luna omnishambles. At all. Look at what landed in our inbox this morning.
The bogus “press release” went out on the pay-per-post AccessWire service yesterday evening with GAM’s logo, a quote from its chief executive Peter Sanderson and even a phone number to contact the firm’s flack. (FTAV tried calling it multiple times but it didn’t work, sadly.) At pixel time it’s still on the AccessWire website but just in case that changes, we duplicate the text below:
Predictably, the fake release was immediately picked up by distribution silos plus a medley of famously scrupulous crypto outlets and social media accounts. Desperation springs eternal, especially in the world of digital assets.
To the credit of the crypto bros behind the release there is an admirable lack of typos. The fake Sanderson quote has the exact right tenor of waffle. Being connoisseurs of the fake press release we cannot help but admire one that is a tad neater than most. And GAM has some history when it comes to dodgy investments, so maybe it seemed like a plausible candidate here.
But the idea that a struggling midsized Swiss asset manager would pump $3bn into an already imploded algorithmic stablecoin highlights just how tragicomically stupid the whole saga has become.
As tragic as the collapse has undoubtedly been for a lot of people who sank their life savings into magic internet money, they just need to realise that Terra/Luna is NGMI.
Further reading:
Earth to Bloomberg – FTAV
Earth to investors – FTAV
Sticky Fingerprints – FTAV
