The Luna saga continues. In a Twitter thread, the staff 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 just isn’t 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 pair 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/ According to its non-profit mission & concentrate on the well being of the Terra ecosystem, starting on Could 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 analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The present make-up of the LFG reserve is the next:
Associated: LUNA meltdown sparks theories and told-you-sos from crypto community
In the meantime, crypto enthusiasts with staked LUNA tokens ought to see LUNA returned to their wallets within the subsequent 20 days. Nevertheless, it will likely be value much less: LUNA’s worth has fallen over 99% since its highs, at present sitting at $0.0002.
What was as soon as a $50 billion ecosystem now has a complete reserve stability of $82 million, prompting standard crypto influencer Cobie to simply reply to the thread with: “Bruh.”
