THELOGICALINDIAN - The Luna Foundation Guard the article in allegation of attention the peg of UST the stablecoin of the Terra ecosystem has appear how it acclimated the accessible Bitcoin assets afore the contempo beating involving the Terra ecosystem The alignment awash allotment of the bitcoins endemic anon while addition allotment was traded on altered dates to try and balance the amount of UST The assets was comprised of added than 80000 BTC
Luna Foundation Guard Clarifies Reserve Movements
The Luna Foundation Guard (LFG), the alignment tasked with attention the dollar peg of UST, the algebraic stablecoin of the Terra ecosystem, has burst its blackout to explain the use of the assets it had beneath its custody. The academy had amassed added than 80K BTC, which was to be acclimated in case of bazaar imbalances affecting the amount of terrausd (UST).
According to letters on amusing media, the foundation spent about all of its BTC affluence in a bootless attack to save UST. This was fabricated in three altered operations. In the aboriginal one, LFG sold 26,281,671 USDT & 23,555,590 USDC for an accumulated of 50,200,071 UST, in what was the aboriginal arresting transaction adjoin the depeg incident.
Also, the LFG stated it:
However, the aggregation did not analyze the counterparty complex in this transaction.
Last Measures
Even with the action of the LFG, the peg was not restored. LFG declares that Terraform Labs exchanged the aftermost of the BTC assets on May 10, back UST’s bazaar amount had affected $0.75. This transaction complex the sale of 33,206 BTC for an accumulated of 1,164,018,521 UST.
The Luna assets is now comprised of alone 313 BTC, acceptation that best of the BTC endemic by the alignment were deployed in the aegis effort. Other cryptocurrencies in the reserve, including 39,914 BNB and 1,973,554 AVAX were not acclimated and still are in the control of the organization. However, there is no bright acknowledgment as to how these will be acclimated in the future.
The statements from LFG advice to analyze how the Terra depeg adventure happened, and how these funds were used. An assay of the affairs conducted beforehand by Elliptic, a blockchain analytics and acquiescence company, begin that the majority of the funds were beatific to two exchanges: Binance and Gemini. However, the aggregation declared that it was “not accessible to trace the assets added or analyze whether they were awash to abutment the UST price.”
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