LFG depletes its coffers to save UST, bitcoin reserves down to 313
fund tweeted that it had transferred 52,189 bitcoins of a total of more than 80,000 bitcoins to “trade with a counterparty.”. A further 33,206 bitcoins were sold by Terra directly in a last-ditch effort to defend the peg, the foundation said
By Yashasvini Razdan
Published - May 16, 2022, 05:02 PM ET
Last Updated - Feb 27, 2024, 07:37 AM EST
• The fund had a total of 80,000 bitcoin worth $3 billion
Luna Foundation Guard announced on Monday that it had spent almost all of the bitcoin, worth $3 billion, in its reserve, in a futile attempt to save terraUSD (UST), as it fell below its intended $1 peg, last week.
The nonprofit fund, aimed at promoting and stabilizing the Terra ecosystem (which issues UST and LUNA), set up by Terra creator Do Kwon, had earlier announced that it would buy $10 billion of bitcoin to back UST.
The fund tweeted that it had transferred 52,189 bitcoins of a total of more than 80,000 bitcoins to “trade with a counterparty.”. A further 33,206 bitcoins were sold by Terra directly in a last-ditch effort to defend the peg, the foundation said.
