Out of over 80,000 Bitcoin previously in LFG's holding, 313 $BTC remains LFG also sold $50 million in $USDT and $USDC to defend the $UST peg. Besides $BTC, the reserves still hold 40K $BNB and 1.97M $AVAX 👇
The Luna Foundation Guard now disclosed the state of its reserves in a tweet thread. The situation is dire to say the least.
However, LUNA holders will find little comfort in this. Larry Cermak, head of research at The Block, correctly pointed out that LFG burned through almost $3 billion in its attempt to defend its stablecoin's peg:
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