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Terra-Fonds LFG cannot yet distribute funds to injured users

 


The Luna Foundation Guard (LFG), a crypto investment fund set up to shore up the spectacularly collapsed Terra ecosystem, says it is unable to distribute the remaining funds to harmed users at this time.


As LFG explained in a Twitter thread on Oct. 7, "ongoing and upcoming lawsuits" are the reason the fund is yet to distribute its remaining monies to Terra investors. Before the blockchain project's big crash, which was initiated by the de-peg of the proprietary stablecoin TerraUSD (UST) from the US dollar, LFG's assets were worth the equivalent of US$4 billion, but the collapse has reduced that to a meager US$105 million US dollars has shrunk.


To that end, it says verbatim:


"A distribution is not possible at this time. With the court cases pending, there is no clear timeline for a resolution. […] We will continue to work to ensure that we can deliver on our originally planned payouts and as soon as there are new developments, those who are dying to know will be the first to know.”


1/ Since $UST’s depeg in May, there has been understandable interest in LFG’s assets and how they will be distributed. As mentioned, our goal is to distribute LFG’s remaining assets to those impacted by the depeg, smallest holders first. https://t.co/VOTQDkQZ90


— LFG | Luna Foundation Guard (@LFG_org) October 7, 2022

In response to the announcement, the crypto community has slammed the fund for not making the payouts long ago. Terra co-founder Do Kwon is now again being heavily criticized for his central role in the collapse of the blockchain project.


One user said: "If you really wanted that, you would have made the payments long before the court proceedings. You guys had plenty of time, but instead, Do Kwon preferred to blame the crypto exchanges.”


The judicial authorities of South Korea, where the associated blockchain company was mainly based, have now opened investigations against Kwon and Terra. In September, a South Korean court issued an arrest warrant for Kwon, prompting Interpol to issue a "red alert" so the former Terra chief could be arrested anywhere in the world. At the time of writing, the exact whereabouts of Do Kwon are unknown. However, he asserts that he is " by no means hiding ".


On October 5th, the South Korean police arrested the first person from the management of Terraform Labs. In the meantime, however, he has already been released from custody .

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