Terra Bitcoin Stablecoin Terra Bitcoin

Luna Foundation Says Nearly Entire Bitcoin Stack Spent, Promises Compensation to UST Users

Reading now: 591
cryptonews.com

The Luna Foundation Guard (LFG), the entity whose task was to maintain the stability of the terraUSD (UST) peg, said it spent nearly all of its bitcoin (BTC) held in reserves to defend UST’s dollar peg as it collapsed.

But from what is left, users of the failed stablecoin will be compensated, LFG said.UST users will be compensated, starting with the “smallest holders first,” LFG wrote in a Twitter thread on Monday, adding that the specific distribution method to be used is still being debated.The promise came in a thread where LFG also shared more details of what is now left of its reserves.

Read more on cryptonews.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA