First Mover Asia: Bitcoin Holds Steady at $30K as ETF Applicants Resubmit Applications

South Korea's Crypto Industry Emerges from Terra Luna's Shadow as Justice is Pursued for Do Kwon

Do Kwon of Terra claims he is not 'on the run'

 

The Luna Foundation Guard (LFG), the non-profit arm of Terraform Labs, has broken its silence over its crypto asset reserves. The company has disclosed that it intends to compensate clients for losses sustained as a result of the failure of its algorithmic stablecoin.

Last week, Terra's native token, Terra Luna, and stablecoin TerraUSD (UST) plunged as UST lost its dollar peg.

The LFG, a Singapore-based non-profit founded to preserve UST, stated in a 10-tweet thread on Monday that it will reward the smallest holders first and that it is "currently discussing through different distribution strategies, updates coming soon."

LFG, formerly the largest Bitcoin holder in the world, disclosed on May 16 that their holdings had decreased from more than 80,000 Bitcoin on May 7 to 313 Bitcoin.

Monday at 4.45 p.m. IST, according to data from CoinMarketCap, the Terra Luna cryptocurrency is trading at $0.0002006, down 31.03 percent in the previous 24 hours. In contrast, the stablecoin TerraUSD is now trading at $0.1265 as opposed to its $1 peg.

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