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LFG looks to compensate small holders of UST

The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first.

See related article: News of LUNA’s demise greatly exaggerated

Fast facts

  • The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its verified Twitter handle.

  • LFG now has 39,914 of Binance Coin, 1.97 million of Avalanche, 1.85 billion of TerraUSD, it said on Monday.

  • The foundation said most of the 222.7 million of LUNA, Terra’s native token, left with it is currently staked with validators.

  • That puts the foundation’s reserves at roughly US$87 million compared with US$3.1 billion about a week earlier, an analysis by The Block Research’s Larry Cermak showed.

  • At the time of publication, LFG’s wallet dashboard showed it had US$84.29 million in reserves.

  • All assets will be returned to wallets even as LUNA previously staked is being unbonded, LFG said. This will be returned in 20 days, it added.

  • Persian Capital had Saturday suggested that prioritizing compensation for small holders of UST, estimated at more than 99%, would help retain faith in the community. Ethereum founder Vitalik Buterin supported this suggestion.

  • Despite a brief recovery, LUNA was down more than 33% at US$0.000181 with UST trading down more than 52% at US$0.084559.

See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run