According to the audit report, which can be viewed in its entirety here, Luna Foundation Guard spent $2.8 billion (80,081 BTC and 49.8M in stablecoins) to defend UST‘s peg, which is consistent with LFG’s tweets on May 16th, 2022.
TFL also went above and beyond, spending $613 million of its own money to defend the UST peg.
According to the report, all LFG funds were spent to defend UST’s declared peg parity with the Dollar, and LFG’s remaining balances are the only funds remaining.
Naturally, this disproves the following claims:
In addition to TFL using $0.6 billion of its proprietary capital for peg defense, it is worth noting that Luna Foundation Guard was entirely funded by TFL donations to build exogenous reserves for Terra stablecoins.
While those reserves were unfortunately insufficient to defend against extreme market volatility, resulting in UST depegging, Luna Foundation Guard fully fulfilled its mandate by doing everything in its power to prevent that outcome.
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.
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