There was a last-minute development in Terra (LUNA), which marked the crypto money field with its decline last week. It has been announced that exactly how much BTC has been sold by Luna Foundation Guard, known for its Bitcoin (BTC) purchases. Here are the statements of Luna Foundation Guard (LFG) …
The expected Bitcoin statement from Luna Foundation Guard
Luna Foundation Guard (LFG) broke its silence on the status of cryptocurrency reserves and algorithmic stablecoin He said he would seek to recoup the losses that have afflicted users due to the UST’s departure from the US dollar peg. As we reported on Kriptokoin.com, Terra’s native token Luna and stablecoin TerraUSD (UST) were in free fall last week as UST lost its pegged value from the US dollar.
, a Singapore-based nonprofit designed to protect the UST, made new statements in a series of 10 tweets on Monday. He said he would try to compensate the smallest owners first. LFG said that LFG’s reserves have dropped from over 80,000 BTC on May 7 to just 313 Bitcoins today. So, while LFG had a reserve of $3.1 billion almost 10 days ago, it currently holds roughly $87 million in BTC. The Foundation also uses the following phrases:
Consistent with its nonprofit mission and focus on the health of the Terra ecosystem, on May 8, when the price of UST began to drop significantly below a dollar, the Foundation began converting this reserve to UST.
Other coins were also in reserve
Continuing to explain, the foundation stated that it currently has 313 BTC in its reserve, while also listing other coins. Currently, LFG has 39,914 BNB (BNB), 1,973,554 Avalanche (AVAX), 1,847,079,725 UST, 222.713.007 LUNA. The organization states that 221,021,746 of the LUNAs are currently staked. On May 7, the amounts were as follows:
- 80 thousand 394 BTC
- 39 thousand 914 BNB
- 26 million 281 thousand USDT
- 23 million 555 thousand USDC
- 1 million 973 thousand AVAX
- 697 thousand 344 UST
- 1 million 691 thousand LUNA
The foundation states that it directly performs on-chain transactions in sales transactions. Although LFG bought these BTCs to save the UST, the sale of the BTCs did not seem to save the altcoin. UST, which should always have been worth $1, has lost almost all of its value. It is currently worth about $0.13. LUNA, on the other hand, is changing hands at $0.00020899, down 36.5%.
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