Cryptocurrency News
Terra Spends BTC in Panic, Still Fails to Normalize System
2022.05.17 14:11
Terra Spends BTC in Panic, Still Fails to Normalize System
- Luna Foundation Guard reveals details of its crypto reserves.
- It spent a huge number of BTC in an effort to restore UST.
- This left 313 BTC remaining on its crypto reserve.
Luna Foundation Guard (LFG) revealed that it had spent a large part of its 80,394 Bitcoin reserves on Monday. In a tweetstorm, LFG posted about the Terra (LUNA) and UST price drop. In detail, the foundation spent most of its BTC reserves in an attempt to restore UST’s peg, leaving behind only 313 BTC.
As of May 7, LFG had crypto reserves that included BTC, BNB, USDT, USDC, AVAX, UST, and LUNA. It had 80,394 BTCs worth nearly $3 billion at that time.
1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:· 80,394 $BTC· 39,914 $BNB· 26,281,671 …
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