The collapse of TerraUSD takes two SA scalps

Headquartered in the British Virgin Islands but managed out of Cape Town, Invictus Alpha and parent company New World Holdings have been placed in liquidation in the British Virgin Islands due, in large part, to excessive exposure to the collapsed Terra/Luna stablecoin. What has infuriated some investors was an apparent decision taken by Invictus management giving them the right to plough funds into an experimental stablecoin like TerraUSD where yields of up to 20% a year were being offered.

” Read: Jump report shows big investors exited Terra while retail bought This is at odds with the statement put out by the company in May, when Invictus advised investors that due to the decoupling of the UST stablecoin from the US dollar, certain changes would be made “which requires taking immediate steps to ensure that all investors remain confident that their investments remain protected and they are treated fairly across all offerings and outcomes”.

Source: News Formal (newsformal.com)

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