Luna Foundation Guard Still Has Not Compensated Users
Since the fall of the TerraUSD, the algorithmic stablecoin that spectacularly lost parity with the US dollar earlier this year, the Luna Foundation Guard (LFG) has claimed that it will continue to pay users for losses.
However, it appears that the wait for compensation may continue since LFG cited ongoing and threatening litigation as reasons for delaying disbursements to consumers who have suffered losses.
According to a Twitter discussion on the matter, the organization stated:
The disclosure comes amid an ongoing inquiry into Terraform Labs, the firm in charge of the Terra network’s construction. South Korean authorities detained the company’s chief of general business operations, but a court later overturned the detention order.
Currently, the hunt for the founder of Terraform Labs is still ongoing, after Korea announced that Interpol had issued a “red notice” for Do Kwon. The South Korean Ministry of Foreign Affairs has ordered Terraform Labs founder Do Kwon to forfeit his passport.
The LFG’s entire reserve balance is now nearly $105 million, down from more than $60 billion prior to the fall of TerraUSD.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Luna Foundation Guard Still Has Not Compensated Users
Since the fall of the TerraUSD, the algorithmic stablecoin that spectacularly lost parity with the US dollar earlier this year, the Luna Foundation Guard (LFG) has claimed that it will continue to pay users for losses.
However, it appears that the wait for compensation may continue since LFG cited ongoing and threatening litigation as reasons for delaying disbursements to consumers who have suffered losses.
According to a Twitter discussion on the matter, the organization stated:
The disclosure comes amid an ongoing inquiry into Terraform Labs, the firm in charge of the Terra network’s construction. South Korean authorities detained the company’s chief of general business operations, but a court later overturned the detention order.
Currently, the hunt for the founder of Terraform Labs is still ongoing, after Korea announced that Interpol had issued a “red notice” for Do Kwon. The South Korean Ministry of Foreign Affairs has ordered Terraform Labs founder Do Kwon to forfeit his passport.
The LFG’s entire reserve balance is now nearly $105 million, down from more than $60 billion prior to the fall of TerraUSD.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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