Luna Foundation Guard shared information with the world about its crypto-asset reserves, and made a promise to compensate those who have used the UST that failed.
The Terra saga continues. The team behind the failed algorithmic stabilitycoin TerraUSD(UST) and the token UNA revealed how much Bitcoin ( TTC) they had disposed off and how much of their crypto assets.
The Luna Foundation Guard (LFG), also promised that would “compensate remaining $UST holders, smallest holders first,” using the assets.
Essentially, the fund has been closed for 80,081 BTC or 99.61%. The group confirmed that 33,206 $BTC was sold for an aggregate of 1,164,018,521 US Dollars in a tweet. The 47,188 BTC remaining is not yet accounted for. 313 BTC remain in reserve.
LFG holds approximately 40,000 and 2,000,000 tokens, but has not sold one BNB nor AVAX.
The purpose of selling cryptocurrency in the LFG reserve was support for the Terra ecosystem’s health.
The name of the counterparty used by the group has not been released. The analysis by Cointelegraph experts on the Terra ecosystem collapse has been published. It questions the “long-term viability” of algorithmic stablecoins.
crypto enthusiasts who have staked tokens of LUNA should see their tokens return to their wallets within the next 20 days. They will however be less valuable as LUNA’s current price is $0.0002.
The once $50 billion ecosystem now has an $82 million reserve balance. Cobie, a popular crypto influencer, responded to the thread with “Bruh”