Number of USD pegged tokens since Terra’s collapse The Luna Foundation Guard (LFG), an organization set up to protect the once-stable coin, has released an audit report audited by New York-based consultancy JS Held. According to the report, LFG claims he used 80,081 bitcoins and he used 49.8 million stablecoins, which totals about $2.8 billion to defend the UST peg.
LFG audit by JS Held Claims Group defends UST peg with $2.8 billion in crypto assets
Luna Foundation Guard (LFG) helps organizations protect UST published a blog post about an audited transparency report that claimed to have spent $2.8 billion on cryptocurrencies to The once stable coin UST, now called terrausd classic (USTC), is currently trading at $0.02 per unit as ofNovember 16, 2022.
Terraform Labs co-founder Do Kwon also tweeted. About Wednesday’s audit. “Third-party audit of LFG and TFL peg defense activities for May 2022 has been published,” Kwon tweeted.:
Many of you lost a lot of money on UST — sorry about this. The system was transparent and open source, but I as the creator should have better understood and communicated its risks.
A report issued by LFG states that thetechnical audit was conducted by New York firm JS Held. During the UST depeg event he defends action for both LFG and Terraform Labs (TFL). “The LFG has about $2.8 billion ($80,081 BTC and $49.8 million in stablecoins) to defend the UST peg, consistent with his LFG tweet dated May 16, 2022. ,” said his LFG blog post. “Furthermore, TFL went above and beyond, spending $613 million in equity capital to defend the UST peg.”
We relied on a variety of quantitative and qualitative information: trading records for TFL and LFG obtained directly from the exchange JSH.consultation with the TFL business,” explained JS Held’s audit. The report shows accounts on Binance with TFL holding BTC,ETH,BNB,USDT, BUSD, LUNA, and UST. It is also detailed that it was maintaining Around May 8, 2022.
The audit resulted in LFG’s allegation that funds were misappropriated or misused, that it assisted insiders, or that LFG’s funds were frozen by law. said to eliminate Execution. “The report shows that all LFG funds were spent to defend the UST’s peg parity with the declared dollar, and that the remaining LFG balance is the only funds remaining. ‘, the LFG said Wednesday.
Just recently, Terraform Labs co-founder Daniel Shin (Shin Hyun-seung) filed a complaint against Chia Corporation over his relationship with TFL and “unfair trade practices.” was reported to have searched his home. In other reports originating from local South Korean media, the Terralabs co-founder details Do Kwon’s alleged hiding in Europe.
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