ICYMI: Luna Foundation Guard breaks silence on state of Terra reserves, looks to compensate users
The Luna Foundation Guard broke its silence on the state of its crypto reserves, saying that it would look to compensate users for losses suffered due to the breakdown of its algorithmic stablecoin.
Terra's native token Luna and stablecoin TerraUSD had gone into freefall last week as UST lost its peg from the US dollar. The foundation, a Singapore-based non-profit designed to defend UST, wrote in a 10-tweet thread on Monday that it would look to compensate the smallest holders first, adding that it is"still debating through various distribution methods, updates to follow soon."
LFG's reserves have been depleted from more than 80,000 bitcoin on May 7, to just 313 bitcoin today, LFG said.LFG has gone from having $3.1 billion in its reserves a week ago to now having roughly $87 million. While LFG acquired those bitcoins to save UST, it couldn't. UST, supposed to be worth $1 at all times, has lost almost all of its value. It is currently worth roughly $0.13.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luna Foundation Guard Breaks the Silence and Reveals How Much Was Spent to Defend UST's PegThe Luna Foundation Guard revealed how much they spent in their failed attempt to defend the UST peg.
Read more »
Luna Foundation Guard 80,000 Bitcoin Lighter After Failing to Defend UST Peg | CoinMarketCapOut of over 80,000 Bitcoin previously in LFG's holding, 313 $BTC remains LFG also sold $50 million in $USDT and $USDC to defend the $UST peg. Besides $BTC, the reserves still hold 40K $BNB and 1.97M $AVAX 👇
Read more »
The Collapse of UST and LUNA Was Devastating, but There Is Still Hope for CryptoWhen something is supposed to be $1 and it’s not, that’s usually not good. $LUNA and $UST might have failed, but bitcoin (and crypto) is stronger for it. gckaloudis reflects in this week’s Crypto Long & Short newsletter.
Read more »
Terra (LUNA) trading volume surge 200% as market adjusts to death spiral'Revival plan' vs. 'insane volatility': $LUNA trading volume bounces back to nearly $6 billion.
Read more »