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Luna Foundation Says Nearly Entire Bitcoin Stack Spent, Promises Compensation to UST Users
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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.comAbout this in other media
Terra crash not a risk to the broader crypto ecosystem, says Huobi Global co-founder cointelegraph.com /1 month ago
The LUNA of it all – Why Bitcoin fell below $30K ambcrypto.com /1 month ago
Analysts assess the aftermath of the Terra (LUNA) collapse | Cointelegraph interview cointelegraph.com /1 month ago
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