Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
The Luna Foundation Guard (LFG) revealed on Monday that the recent Terra crash, and its measures to support UST had wiped out most of its reserves.Its holdings now stand at about $260 million- a far cry from the over $4 billion the LFG commanded less than two weeks ago.
El Salvador President Nayib Bukele said on Sunday that the country will host delegates from 44 countries this week to discuss Bitcoin.Bukele said in a series of tweets that delegates from 44 countries, consisting of 32 central banks and 12 financial authorities will meet in El Salvador to talk financial inclusion, economic digitization and the country’s famous Bitcoin adoption.
A high-ranking member of the Luna Foundation Guard (LFG) said on Monday that the foundation’s reserves are almost ready to be deployed, barring a few technicalities.The reserves will be largely targeted towards helping small wallets, and supporting builders and stakers on Terra.
Grayscale Investments on Monday said it is launching several new European-listed products as part of its cross-Atlantic debut.The asset manager will launch the Grayscale Future of Finance UCITS ETF in Europe.
South Korea has been alerted over the decline in the crypto market that led to the depegging of Terra (LUNA). According to a local news outlet, Luna’s decline led to cases of volatile trading. Gaming companies with blockchain and virtual coins features in South Korea are most notable for being on their toes.
Binance CEO Changpeng CZ Zhao reversed course on Monday to clarify that the world’s largest exchange did hold the recently-crashed LUNA and UST tokens.Contradicting his earlier comments, CZ said Binance holds 3 million LUNA tokens, and 10 million UST tokens, the former of which it had received for an initial investment in Terra. None of the tokens were ever moved or traded.
Avalanche (AVAX) slumped on Monday as traders feared that the Luna Foundation Guard (LFG) could dump its holdings of the token.AVAX is trading at $32.41, down 6% over the past 24 hours.
BTC price edges lower bucking the previous week’s late recovery. The price opened the trading session on a higher note but soon the upside fizzled out. BTC breaks below the $30,000 mark telling that the sellers are still looking for further liquidation.