LFG Announces Use of Reserve Funds and Currently Has Only About $260 Million in Asset Left

LFG announced reserve funds and as of May 7, 2022, LFG holds a total of 80,394 Bitcoins, 39,914 $BNB, 697,344 $UST, 1,691,261 $LUNA, and $USDT, $USDC, $AVAX, and other assets. When $UST began to depegged on May 8, LFG began using reserve funds to repurchase $UST, which was done by transferring bitcoin directly to counterparties to facilitate large trades. Of the reserve funds, $USDT and $USDC were used to repurchase over 50 million $UST directly, and a total of over 4,500 bitcoins were used to repurchase over 1.5 billion $UST. on May 10, Terraform Labs took over the treasury and sold 33,206 bitcoins to repurchase 1.164 billion $UST. on May 12, LFG converted all of the repurchased On May 12, LFG converted all repurchased $UST into $LUNA for staking to protect the network. LFG currently has 313 Bitcoins, $1.847 billion $UST, over 200 million $LUNA, $BNB and $AVAX assets remaining in its reserve fund, totaling approximately $260 Million. All remaining assets will be returned to the address marked as LFG, and the staked $LUNA has been released from staking and will be returned within 20 days. LFG is currently seeking ways to use the remaining assets to compensate $UST subscribers and will compensate smallest holders first, but the modalities are still under discussion.