Luna Foundation Guard Says Some Customers Will Be Compensated

On Monday, a subsidiary of the business behind the defunct stablecoin TerraUSD claimed it had spent the majority of its funds defending its dollar peg the week before and would use the rest to pay certain customers who had lost out.

Luna Foundation Guard Says Some Customers Will Be Compensated

The Luna Foundation Guard (LFG), a quasi organization dedicated to the Terra environment, has revealed intentions to reimburse surviving TerraUSD (UST) users, beginning with the smallest holdings.

The token’s demise just the other day sent cryptocurrencies plunging, a trend that continued on Monday as bitcoin surrendered its weekend gains. In Asian trade on Monday, the world’s largest cryptocurrency sank 5% to roughly US$29,700, following stock market declines due to concerns about increasing interest rates and excessive inflation.

Last week, the $40 billion Terra biosphere crashed in one of the most disastrous disasters in crypto history. After significant investors began selling millions of dollars worth of UST over the weekend, the UST de-pegged out of its $1 value, while its sister coin Terra (Luna) dropped about 100%.

And there have been plenty of plans announced by the Luna Foundation Guard, Terra ecosystem, and Do Kwon, the project’s creator and CEO, over the week, “lunatics” and the crypto community in general have conflicting opinions about the project’s future. However, the mood is overwhelmingly negative. Everyone gathered, from FTX’s CEO to Vitalik Buterin himself, to voice out and comment on the matter.

It’s critical to cover the issue thoroughly and alert crypto aficionados about the dangers that may lie ahead. The initiative seems to be under a lot of strain, and it’s in their best interests to get out of it, if not clean, at least without backing down.

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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Jai Hamid

CoinCu News