ADVERTISEMENT
  • Contact
  • Home
Sunday, June 26, 2022
  • Login
No Result
View All Result
ADVERTISEMENT
Crypto News
  • Home
  • Articles
    • News
    • Analysis
  • Home
  • Articles
    • News
    • Analysis
No Result
View All Result
Crypto News
No Result
View All Result
Home News

What’s left in Luna’s reserve wallet?

by admin
May 19, 2022
in News
0
0
SHARES
179
VIEWS
Share on FacebookShare on Twitter

The Luna saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin UST and the token LUNA shared precisely how much Bitcoin and crypto assets they had disposed of.

The Luna Foundation Guard (LFG) also shared a promise to “compensate remaining users of UST, smallest holders first,” with the remaining assets.

In summary, 80,081 Bitcoin (BTC) or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed a sale of “33,206 $BTC for an aggregate 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.

Interestingly, LFG has not sold a single Binance Coin (BNB) or Avalanche (AVAX), holding circa 40,000 and 2,000,000 of each token, respectively.

The below graphic makes clear the remaining tokens in the LFG reserve:

The reason behind the disposal and sale of cryptocurrency in the LFG reserve was to support the health of the Terra ecosystem:

2/ Consistent with its non-profit mission & 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.

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

The counterparty that the group used has not been named. Cointelegraph experts have compiled an analysis on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The current makeup of the LFG reserve is the following:

LFG Reserve Balance Breakdown. Source: https://dashboard.lfg.org/

Related: LUNA meltdown sparks theories and told-you-sos from crypto community

Meanwhile, crypto enthusiasts with staked LUNA tokens should see LUNA returned to their wallets in the next 20 days. However, it will be worth less: LUNA’s price has fallen over 99% since its highs, currently sitting at $0.0002.

What was once a $50 billion ecosystem now has a total reserve balance of $82 million, prompting popular crypto influencer Cobie to simply respond to the thread with: “Bruh.”

Source link

Previous Post

First 7-week losing streak in history ― 5 things to know in Bitcoin this week

Next Post

CBDC activity heats up, but few projects move beyond pilot stage

admin

admin

RelatedPosts

Cointelegraph Magazine

Sam Bankman-Fried provides bailouts, ‘Bitcoin dead’ searches soar, and debate over hidden themes behind BAYC continues: Hodlers Digest, June 19–25

by admin
June 25, 2022
0

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best...

Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

by admin
June 25, 2022
0

Bitcoin (BTC) focused on $21,000 into the weekend amid warnings that volatility could still consume the market before Monday.BTC/USD 1-hour...

Bitpanda announces layoffs citing no compromise on product quality

Bitpanda announces layoffs citing no compromise on product quality

by admin
June 25, 2022
0

Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it...

Bitcoin gives ‘encouraging signs’ — watch these BTC price levels next

Bitcoin gives ‘encouraging signs’ — watch these BTC price levels next

by admin
June 24, 2022
0

Bitcoin (BTC) headed toward the upper end of its trading range on June 24 as optimism crept back into traders’...

CBDC may threat stablecoins, not Bitcoin: ARK36 exec

CBDC may threat stablecoins, not Bitcoin: ARK36 exec

by admin
June 24, 2022
0

Central bank digital currencies (CBDC) do not pose any direct threat to cryptocurrencies like Bitcoin (BTC) but are still associated...

XRP price rally stalls near key level that last time triggered a 65% crash

XRP price rally stalls near key level that last time triggered a 65% crash

by admin
June 24, 2022
0

XRP's ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price...

Next Post
CBDC activity heats up, but few projects move beyond pilot stage

CBDC activity heats up, but few projects move beyond pilot stage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

20 − eighteen =

  • Trending
  • Comments
  • Latest
What’s left in Luna’s reserve wallet?

What’s left in Luna’s reserve wallet?

May 19, 2022
Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

May 19, 2022
Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

May 19, 2022
What is P2P trading, and how does it work in peer-to-peer crypto exchanges?

What is P2P trading, and how does it work in peer-to-peer crypto exchanges?

May 19, 2022
Edward Snowden reveals he was one of six who helped launch Zcash

Edward Snowden reveals he was one of six who helped launch Zcash

0
Price analysis 4/27: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT

Price analysis 4/27: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT

0
Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement

Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement

0

Here’s why the growth of token staking could be bullish for Lido (LDO)

0
Cointelegraph Magazine

Sam Bankman-Fried provides bailouts, ‘Bitcoin dead’ searches soar, and debate over hidden themes behind BAYC continues: Hodlers Digest, June 19–25

June 25, 2022
Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

June 25, 2022
Bitpanda announces layoffs citing no compromise on product quality

Bitpanda announces layoffs citing no compromise on product quality

June 25, 2022
What is StrongBlock (STRONG) and how does it work?

What is StrongBlock (STRONG) and how does it work?

June 25, 2022
  • What’s left in Luna’s reserve wallet?

    What’s left in Luna’s reserve wallet?

    0 shares
    Share 0 Tweet 0
  • Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

    0 shares
    Share 0 Tweet 0
  • Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

    0 shares
    Share 0 Tweet 0
  • What is P2P trading, and how does it work in peer-to-peer crypto exchanges?

    0 shares
    Share 0 Tweet 0
  • Coinbase NFT launches beta, AMC Theatres rolls out SHIB and DOGE payments, and Blockchain.com eyes IPO: Hodler’s Digest, April 17-23

    0 shares
    Share 0 Tweet 0

Categories

  • Analysis
  • News

© 2022 Crypto News .

No Result
View All Result
  • Home
  • Articles
    • News
    • Analysis

© 2022 Crypto News .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In