The price of the stablecoin TerraUSD was down sharply on 16 May as the cryptocurrency’s creator announced a plan to attempt to rescue the project.

The price of TerraUSD, created to maintain a value equal to a dollar, was down 36% at 11 cents, according to CoinMarketCap. Trading volume over the past 24 hours was less than $400m, down from the more than $5bn in volume it saw last week.