Swiss asset manager GAM will not invest any money in Terra, the company said. GAM Investments has even called fake news claims that his company would invest $3 billion to save LUNA and UST.

Asset manager GAM sees potential in UST

An announcement on May 12 claimed that the company was in talks with Terraform Labs to help Terra’s UST stablecoin restore its peg to the dollar. However, inquiries have been made by several news sites and GAM investments has confirmed that the press release was fabricated.

Charles Naylor, the company’s chief communications officer, described the press release as categorically fake news, which even included fake quotes from CEO Peter Sanderson.

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