Luna Foundation Guard Seeks Funding as UST Crashes From Peg Again
-The Luna Foundation Guard has been reaching out to investors in order to raise funds to shore up the embattled stablecoin
-The LFG is looking to raise more than $1 billion to collateralize the UST stablecoin
-The move comes as no surprise as the stablecoin has decoupled from the U.S. dollar, plunging below $0.70 on two occasions this week
-Terraform Labs founder and CEO Kwon Do has kept quiet about the fiasco and the funding has yet to be confirmed
-The Luna team has stated that there will be no “death spiral” if the UST market capitalization is greater than that for LUNA
-According to a Google analytics dashboard, nearly all of the USD reserve balance was used to shore up the stablecoin
-The stablecoin recovered to more than 90% of a dollar on May 10, but it has taken another turn south on May 11
