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Luna Foundation Guard Reveals It Sold More Than $2,400,000,000 in Bitcoin (BTC) at Height of TerraUSD Collapse

by Daily Hodl Staff
May 18, 2022
in Altcoins, Bitcoin

The Luna Foundation Guard (LFG) is reporting dumping more than $2.4 billion worth of Bitcoin (BTC) last week as the stablecoin TerraUSD (UST) collapsed.

The LFG, a non-profit organization built to support the Terra (LUNA) ecosystem, held a reserve of 80,394 BTC on May 7th.

Explains the LFG in a long series of tweets,

“Consistent with its non-profit mission and focus on the health of the Terra ecosystem, beginning on May 8, when the price of UST began to drop substantially below one dollar, the Foundation began converting this reserve to UST.

The Foundation did so by directly executing on-chain swaps and transferring BTC to a counterparty to enable them to enter trades with the Foundation in large size and on short notice…

Transferred 52,189 BTC to trade with a counterparty, net of an excess of 5,313 BTC that they have returned, for an aggregate 1,515,689,462 UST.”

Terraform Labs sold another 33,206 BTC after UST fell to $0.75. TerraUSD is trading at $0.087983 at time of writing.

In total, LFG and Terra sold 80,082 Bitcoin. With Bitcoin trading for $30,161 at time of writing, that total is worth more than $2.4 billion.

LFG says it plans to use its remaining holdings to compensate the remaining users of UST.

“The Foundation is looking to use its remaining assets to compensate remaining users of UST, smallest holders first. We are still debating through various distribution methods, updates to follow soon.”

8/ As of now, the Foundation’s remaining reserves consist of the following assets:
· 313 $BTC
· 39,914 $BNB
· 1,973,554 $AVAX
· 1,847,079,725 $UST
· 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)

— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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