The Luna saga continues. In a Twitter thread, the workforce behind the failed algorithmic stablecoin UST and the token LUNA shared exactly how a lot Bitcoin and crypto belongings they’d disposed of.
The Luna Basis Guard (LFG) additionally shared a promise to “compensate remaining customers of UST, smallest holders first,” with the remaining belongings.
In abstract, 80,081 Bitcoin (BTC) or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed a sale of “33,206 $BTC for an mixture 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC is just not accounted for, whereas 313 BTC stays in reserve.
Curiously, LFG has not offered a single Binance Coin (BNB) or Avalanche (AVAX), holding circa 40,000 and a couple of,000,000 of every token, respectively.
The under graphic makes clear the remaining tokens within the LFG reserve:
The explanation behind the disposal and sale of cryptocurrency within the LFG reserve was to assist the well being of the Terra ecosystem:
2/ Per its non-profit mission & give attention to the well being of the Terra ecosystem, starting on Might 8, when the value of $UST started to drop considerably under one greenback, the Basis started changing this reserve to $UST.
— LFG | Luna Basis Guard (@LFG_org) May 16, 2022
The counterparty that the group used has not been named. Cointelegraph consultants have compiled an evaluation on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The present make-up of the LFG reserve is the next:
In the meantime, crypto lovers with staked LUNA tokens ought to see LUNA returned to their wallets within the subsequent 20 days. Nonetheless, it will likely be value much less: LUNA’s value has fallen over 99% since its highs, at present sitting at $0.0002.
Associated: LUNA meltdown sparks theories and told-you-sos from crypto group
What was as soon as a $50 billion ecosystem now has a complete reserve stability of $82 million, prompting fashionable crypto influencer Cobie to simply reply to the thread with: “Bruh.”
