More than 80,000 Bitcoin has disappeared in an effort to rescue the LUNA token and the stablecoin UST. But what exactly is left in the reserve wallet of the Luna Foundation Guard (LFG)?
What’s left in the reserve wallet?
To date, 80,081 Bitcoin (BTC) have disappeared from the LFG’s wallet in their attempt to rescue their tokens. The group has confirmed the sale of “$33,206 per BTC for a total of $1,164,018,521 UST” in a tweet. The remaining 47,188 BTC is not accounted for, while 313 BTC remains in reserve.
In addition, the team also has Binance Coin (BNB) and Avalanche (AVAX), USDT and USC in their wallets. The image below shows all cryptos in LFG’s reserve wallet and how many tokens are in it. It is striking that no BNB or AVAX tokens have been sold.
Why did they sell their tokens?
The LFG obviously tried to sell some of their cryptocurrencies to support the health of the Terra ecosystem. She confirmed this via a Twitter Tweet† It is not known through which party they sold their cryptos.
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 $USDT
23,555,590 $USDC
1,973,554 $AVAX
697.344 $UST
1,691,261 $LUNA— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022
Anyone who has staked LUNA tokens is expected to see them return to their crypto wallet in the next 20 days. However, these tokens will be worth significantly less than before they were discontinued due to the recent crash of the token. What was once a $50 billion ecosystem has now fallen to $1.3 billion, according to data from Coinmarketcap.