Home » Business » Fundación Luna breaks silence: says how much he spent to defend UST (although he failed)

Fundación Luna breaks silence: says how much he spent to defend UST (although he failed)


For Editor of DailyBitcoin

The Terra Organization (LUNA) has revealed how much they have spent on their failed attempts to defend their UST stablecoin.

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Thousands of people lost their savings after the collapse of LUNA and its USD Terra, UST. stablecoins algorithmic. As we said, UST lost its pegs and crashed last week.

Today Luna Foundation Guard (LFG), a nonprofit organization that supports the ecosystemEarth, and dedicated to nurturing economic sovereignty, security and open source software for the decentralized ecosystem economy. The moon break the silence and revealed exactly how much was spent on defending UST during last week’s event.

Due to the way the protocol was conducted, losing equality meant that traders could be redeemed UST for THE MOON in a massive arbitration see printing more than $ 6 billion THE MOON, causing its price to fall to $ 0 in a few days. Today, at 7:40 am New York time, CriptoMercados reported a price of USD $ 0.13 per UST, though it should be worth $ 1 USD.

LFG has already acquired a crypto amount for use in emergency situations such as these. Unfortunately, it didn’t, it didn’t help as the entire ecosystem collapsed.

What the Luna Foundation did

LFG revealed in Twitter exactly how many of its reserves were sold in an attempt to defend UST equality.

Prior to the events of last week, exactly on March 7, his reservations consisted of: 80,394 BTC, 39,914 BNB, 26,281,671 USDT, 23,555 590 USDC, 1,973,554 AVAX, 497,344 UST, 1,691,261 MONTH. Here’s how the thread starts. Twitter:

Continue:

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“In line with its nonprofit mission and focus on the health of Terra’s ecosystem, beginning May 8, when the $ UST price began to fall sharply below $ 1, the Foundation began converting that reserve into $ UST.”

Add:

“The foundation did this by directly executing chain exchanges and transfers $ BTC provide a counterparty to allow them to enter into transactions with the Foundation on a large scale and at short notice ”.

He also commented that he sold directly 26,281,671 USDT, 23,555,590 USDC, transferred 52,189 BTC in trading with a counterparty, net of an excess of 5,313 BTC being returned, for a total of 1,515,689462 UST.

Then he explains, in the thread, that “on May 10, when $ UST fell to $ 0.75, according to a Master Service Agreement dated January 10, 2022 through which TFL managed and executed all financial, administrative and operational functions with the required support, TFL, on behalf of the Foundation , execute these exchange operations in a last-ditch effort to maintain equality “:

  • Sold 33,206 $ BTC for a total of 1,164,018,521 $ UST
  • On May 12, LFG traded 883,525,674 $ UST a 221,021,746 $ MOON and stalks this through a variety of validators to protect against a potential governance attack as much as possible $ MOON continued to increase. All transactions described above have already been completed.

reservations

He also said that to date, the remaining reserves of the Foundation are made with the following assets:

· $ 313 BTC
· $ 39,914 BNB
· $ 1,973,554 AVAX
· US $ 1,847,079,725
· $ 222,713,007 LUNA (of which $ 221,021,746 is currently betting with validators).

In addition, it indicates thatAll assets will be returned to the marked wallets dashboard.lfg.org soon; the $ MOON already filed by tide and will return within 20 days.

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Finally, in Twitter’s newsletter, he expressed: The foundation seeks to use the rest of its assets to compensate the remaining users $ UST , younger people first. We are constantly discussing through various distribution methods, updates will follow soon. “

source: Twitter, Cryptopotato, CriptoMercados, archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not encourage, endorse or recommend any particular investment. It is worth noting that investments in cryptocurrencies are not regulated in some countries. May not be suitable for retail investors as the total amount invested may be lost. Check your country’s laws before investing.

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