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LFG sold 80,081 bitcoins to prevent UST crash



 Luna Foundation Guard, an organization that supports the Terra ecosystem, has confirmed through an announcement that it sold 80,081 bitcoin and other tokens to prevent the May 8-10 crash.


The Luna Foundation Guard (LFG) held over 80,000 BTC and other cryptocurrencies prior to the UST de-pegging.



The organization sold bitcoins for about 3 billion UST, which are currently worth nothing since the Terra blockchain has been suspended.


Luna explained via Twitter:


“Starting on May 8th, when the price of UST started falling well below one dollar, the Foundation began converting this reserve into UST. The foundation directly executed on-chain swaps and transferred BTC to a counterparty to enable it to enter into large-scale and short-term transactions with the foundation. Direct sale of 26,281,671 USDT and 23,555,590 USDC for a total of 50,200,071 UST. Transferred 52,189 BTC to trade with a counterparty, minus a surplus of 5,313 BTC they returned, for a total of 1,515,689,462 UST. On May 10, when UST had fallen to $0.75... 33,206 BTC were sold for a total of 1,164,018,521 UST.”


However, Luna collapsed the day after as there were no other mechanisms or assets to stabilize the stablecoin UST.


On May 7th, LFG held 80,394 bitcoin, but when the price of UST started falling, they started converting the bitcoin reserve into UST. At the time of writing, the reserve only has 313 BTC left.

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