CoinShares Reportedly Lost $21M from UST Crash

Europe’s largest digital asset firm, CoinShares lost $21 million following the recent crash of Terra’s UST stablecoin, the firm’s chief executive said in an annual report published Tuesday, calling it “a humbling lesson.” He also added that the events will be a ‘battle scar’ that he will personally never forget. “CoinShares Capital Markets is active in the DeFi space and, at the time of the Luna collapse was running a book, which carried exposure to UST, the Terra Stable Coin. Following the events of the last few weeks, we have booked an exceptional loss from our DeFi activities of £17m on liquidating our holding in UST,” the firm’s CEO Jean-Marie Mognetti said in the report. While the loss will be reflected in the company’s Q2 earnings report, Mognetti said he would wait until then or the earnings call scheduled for August to give an update. The CEO further opined that the loss due to the events surrounding UST’s depeg was a humbling lesson for both himself and the team. He described the volatile events surrounding UST losing its peg and the subsequent loss by CoinShares will be ‘a battle scar’ that he will never forget. However, he remains still optimistic about the company moving forward. “This event is a battle scar that I will personally never forget. I, with the entire team, will continue to build upon our mission to provide the premier investment technology for the digital asset sector. 2022 will be a year of continued ...