80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

The Terra saga continues. In a Twitter thread, the crew behind the failed algorithmic stablecoin TerraUSD (UST) and the token LUNA shared exactly how a lot Bitcoin (BTC) and crypto belongings that they had disposed of.

The Luna Basis Guard (LFG) additionally promised to “compensate remaining customers of $UST, smallest holders first,” with the remaining belongings.

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In abstract, 80,081 BTC, or 99.61% of the Bitcoin that LFG guarded, has exited the fund. The group confirmed the sale of “33,206 $BTC for an mixture 1,164,018,521 $UST” in a tweet. The remaining 47,188 BTC will not be accounted for, whereas 313 BTC stays in reserve.

Apparently, LFG has not offered a single BNB or AVAX token, holding round 40,000 and a couple of,000,000 of every, respectively.

The beneath graphic outlines the remaining tokens within the LFG reserve:

The rationale behind the disposal and sale of cryptocurrency within the LFG reserve was to help the well being of the Terra ecosystem:

2/ In line with its non-profit mission & deal with the well being of the Terra ecosystem, starting on Could 8, when the worth of $UST started to drop considerably beneath one greenback, the Basis started changing this reserve to $UST.

— LFG | Luna Basis Guard (@LFG_org) May 16, 2022

The counterparty that the group used has not been named. Cointelegraph specialists have compiled an evaluation on the Terra ecosystem implosion, questioning the “long-term viability of algorithmic stablecoins.” The present make-up of the LFG reserve is the next:

In the meantime, crypto lovers with staked LUNA tokens ought to see their tokens returned to their wallets within the subsequent 20 days. Nevertheless, they are going to be price much less, as LUNA’s value has fallen over 99% since its highs, at present sitting at $0.0002.

Associated: LUNA meltdown sparks theories and told-you-sos from crypto group

What was as soon as a $50 billion ecosystem now has a complete reserve steadiness of $82 million, prompting widespread crypto influencer Cobie to simply reply to the thread with “Bruh.”