terra luna korea Luna Foundation Sold 80K Bitcoin in 'Last Ditch Effort to Defend' UST Peg

Luna Foundation Sold 80K Bitcoin in ‘Last Ditch Effort to Defend’ UST Peg

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– The Luna Foundation Guard (LFG), the non-profit overseeing the Terra ecosystem, said that it sold almost all of the $3.5 billion bitcoin it held in reserve as a last ditch effort to defend the [UST] peg.
– The reserve now holds a mere 313 BTC, valued at just over $9.2 million at current prices.
– The Foundation had amassed the equivalent of 80,394 bitcoin in reserve, or about $3.5 billion, by May 7, one day before the spectacular collapse of the UST algorithmic stablecoin and Terras LUNA token.
– Amid the panic, the Foundation stepped in, tapping more than 80,000 BTC from its reserve in an attempt to defend the peg.
– LFG sold a total 52,189 bitcoin, worth over $1.6 billion, to the counterparty, which was then transferred to an account on U.S. crypto exchange Gemini.
– On May 10, in a last ditch effort to defend the peg, Terraform Labs, the company behind the Terra blockchain, sold another 33,206 BTC in exchange for over $1.16 billion UST.
– The intervention failed.
– LFG said that it would use the remaining assets to compensate users who lost money following the collapse of UST. The smallest holders will be paid first, it added.

 

 

bic artwork Terra Luna.png Luna Foundation Sold 80K Bitcoin in 'Last Ditch Effort to Defend' UST Peg
Luna Foundation Sold 80K Bitcoin in 'Last Ditch Effort to Defend' UST Peg 3

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