An Update on Terra

At Prime Trust, we know that our role as an infrastructure platform provider places us in an important position of trust within the marketplace. We take this role seriously and strive to ensure transparent, accurate and timely information accordingly – particularly when crises and destabilizing market conditions impact customers.

Prime Trust shares the consensus view with respect to recent events involving the stability of TerraUSD (“UST”).  Specifically, the stability of UST was compromised as a result of large sell volumes and a loss in confidence in the Terra Luna ecosystem. This, in turn, led to the unrecoverable depegging of UST, negatively impacting the entire cryptocurrency ecosystem.  As a result, our UST liquidity provider stopped servicing Prime Trust, which terminated our ability to service UST requests.  A detailed overview of the event can be found here.

Prime Trust has continued to work collaboratively and empathetically with our stakeholders to mitigate any adverse impacts where possible. To that end, Prime Trust has received an airdrop of the new Luna that Terraform Labs announced as part of a planned distribution to existing Luna/UST holders. We are taking a careful inventory of what was received and working out the proper allocation to remaining UST holders. 

Once we have finalized all of the operational details we will provide an update here. In the meantime, if you have any questions, please feel free to reach out to your cryptocurrency provider.

Thank you

The Prime Trust Team