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LFG looks to compensate small holders

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The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first.

See related article: News of LUNA’s demise greatly exaggerated

Fast facts

  • The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its verified Twitter handle.
  • LFG now has 39,914 of Binance Coin, 1.97 million of Avalanche, 1.85 billion of TerraUSD, it said on Monday.
  • The foundation said most of the 222.7 million of LUNA, Terra’s native token, left with it is currently staked with validators.
  • That puts the foundation’s reserves at roughly US$87 million compared with US$3.1 billion about a week earlier, an analysis by The Block Research’s Larry Cermak showed.
  • At the time of publication, LFG’s wallet dashboard showed it had US$84.29 million in reserves.
  • All assets will be returned to wallets even as LUNA previously staked is being unbonded, LFG said. This will be returned in 20 days, it added.
  • Persian Capital had Saturday suggested that prioritizing compensation for small holders of UST, estimated at more than 99%, would help retain faith in the community. Ethereum founder Vitalik Buterin supported this suggestion.
  • Despite a brief recovery, LUNA was down more than 33% at US$0.000181 with UST trading down more than 52% at US$0.084559.

See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run

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