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LFG just confirmed they have sold most of their BTC reserve (80K BTC) and still couldn’t defend the peg. They only have 313 BTC left in their reserve.

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by COINS NEWS 172 Views

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 $USDT

· 23,555,590 $USDC

· 1,973,554 $AVAX

· 697,344 $UST

· 1,691,261 $LUNA

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.

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 & on short notice.

LFG: · Directly sold 26,281,671 $USDT & 23,555,590 $USDC for an aggregate 50,200,071 $UST · 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

On May 10, when $UST had fallen to $0.75, pursuant to a Master Services Agreement dated January 10, 2022 through which TFL managed & executed all finance, administrative & operational functions & support as requested,

TFL, on behalf of the Foundation, executed the following exchange trades in a last ditch effort to defend the peg:

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)

Source: https://twitter.com/lfg_org/status/1526126703046582272?s=21&t=-pwGGmLMxTgv72q334x7Pg

submitted by /u/naji102
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