Luna’s saga continues. In a thread From Twitter, the team behind the failed UST algorithmic stablecoin and LUNA token shared precisely how much Bitcoin and crypto assets they had dumped.
The Luna Foundation Guard (LFG) also shared a promise to “compensate remaining UST users, smallest holders first,” with remaining assets.
In short, 80,081 Bitcoin (BTC), or 99.61% of the bitcoins that LFG held, have come out of the fund. The group confirmed the sale of “33,206 BTC for a total of 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC are not accounted for, while 313 BTC remain in reserve.
Interestingly, LFG has not sold a single Binance Coin (BNB) or Avalanche (AVAX), holding around 40,000 and 2,000,000 of each token, respectively.
The following chart makes clear the remaining tokens in the LFG pool:
The reason behind the disposal and sale of cryptocurrencies in the LFG reserve was to support the health of the Terra ecosystem:
2/ Consistent with its non-profit mission & focus on the health of the Terra ecosystem, beginning on May 8, when the price of $UST began to drop substantially below one dollar, the Foundation began converting this reserve to $UST.
— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022
In keeping with its nonprofit mission focused on the health of Terra’s ecosystem, beginning May 8, when the price of $UST began to drop substantially below $1, the Foundation began converting this reserve into $UST.
The counterpart the group used has not been named. Cointelegraph experts have compiled an analysis on the implosion of the Terra ecosystem, questioning the “long-term viability of algorithmic stablecoins.” The current composition of the LFG reserve is as follows:
Meanwhile, crypto enthusiasts with staked LUNA tokens should see LUNA returned to their wallets within the next 20 days. However, it will be worth less: The price of LUNA has fallen more than 99% from its highs, and is currently at $0.0002.
What was once a $50 billion ecosystem now has a total reserve balance of $82 million, prompting popular influencer Cobie to respond. simply in a row with: “Bruh”.
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