The Luna Foundation Guard (LFG) is explaining why it hasn’t paid back small holders of its collapsed stablecoin coin TerraUSD (UST).
“Since UST’s de-peg 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 de-peg, smallest holders first.
Unfortunately, due to ongoing and threatened litigation, distribution is not possible at this time. While these matters are outstanding, there can be no timeline established for resolution.”
The organization first pledged to use its remaining holdings to compensate small UST holders back in May, about a week after the stablecoin collapsed.
“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.”
“Our goal remains to distribute LFG’s remaining assets to small UST holders. We will not stop advocating for our ability to follow through on these initial plans, and those waiting will be the first to know of new developments.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/okeykat