The Luna saga continues. The team behind the failed algorithmic stablecoin UST, and the token LUNA posted details on how much Bitcoin they had disposed off in a Twitter thread.
Luna Foundation Guard (LFG), also promised to “compensate remaining UST holders, smallest holders first,” using the assets.
Basically, the fund has been closed by 80,081 Bitcoins (BTC), or 99.61%. In a tweet, the group confirmed that 33,206 $BTC was sold for an aggregate of 1,164,018,521 $UST. 47,188 BTC has not been sold, but 313 BTC remain in reserve.
LFG holds approximately 40,000 and 2,000,000 tokens, respectively, and has yet to sell a Binance Coin (BNB), or Avalanche(AVAX).
Below is a graphic that shows the tokens remaining in the LFG reserve.
The purpose of selling cryptocurrency in the LFG reserve was support for the Terra ecosystem’s health.
2/ The Foundation converted this reserve to $UST on May 8, as part of its non-profit mission & continued focus on the health and well-being of Terra ecosystem.
— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022
The name of the counterparty used by the group has not yet been released. Cointelegraph experts have compiled a analysis of the Terra ecosystem collapse, asking whether algorithmic stablecoins are long-term viable. The following is the current composition of the LFG reserve:
LFG Reserve Balance Breakdown. Source: https://dashboard.lfg.org/
Crypto enthusiasts who have staked LUNA tokens will see LUNA return to their wallets within the next 20 days. It will still be worth less than it was at its peak, which is currently $0.0002.
Related: LUNA meltdown sparks theories, told-you sos from the crypto community
The once $50 billion ecosystem has now a total reserve balance in excess of $82 million. Cobie, a popular crypto influencer, responded to the thread simply by saying “Bruh.”