XRP

The Luna saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin UST and the token LUNA shared precisely how much Bitcoin and crypto assets they had disposed of.

The Luna Foundation Guard (LFG) also shared a promise to “compensate remaining users of UST, smallest holders first,” with the remaining assets.

In summary, 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 aggregate 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.

Interestingly, LFG has not sold a single Binance Coin (BNB) or Avalanche (AVAX), holding circa 40,000 and 2,000,000 of each token, respectively.

The below graphic makes clear the remaining tokens in the LFG reserve:

The reason behind the disposal and sale of cryptocurrency in the LFG reserve was to support the health of the Terra ecosystem:

The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:

Related: LUNA meltdown sparks theories and told-you-sos from crypto community

Meanwhile, crypto enthusiasts with staked LUNA tokens should see LUNA returned to their wallets in the next 20 days. However, it will be worth less: LUNA’s price has fallen over 99% since its highs, currently sitting at $0.0002.

What was once a $50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with: “Bruh.”

Articles You May Like

Brutal 20% Ethereum price sell-off is not over, but is there a silver lining for ETH?
Litecoin X account briefly hacked to promote a fake token
XRP open interest drops to 2025 low — Are altcoin traders giving up?
TradFi stablecoins will find it hard to win market share — Bitwise CIO
Canary’s amended S-1 has analysts more confident a Litecoin ETF is next