Terra's LFG says legal threats are holding up efforts to repay small $UST holders with its remaining crypto reserves. realDannyNelson reports
LFG was established by Terra creators Terraform Labs in January with a mandate to protect the $1 peg of Terra USD , Terra's ill-fated stablecoin. LFG's treasury was loaded with Bitcoin and other currencies totaling close to $4 billion, but it “loaned” virtually all of those funds to OTC trading firms in May in a failed bid to rescue UST as it was crashing.
To whom and how those funds were distributedLFG previously had a five-person governance council but they’ve all left in the wake of the collapse. Now, former LFG council members Jose Macedo and Remi Tetot tell CoinDesk that the board only formally consists of Do Kwon and Terraform Labs head researcher Nicholas Platias.UPDATE : Adds context on LFG's mandate and October's LFG-linked asset freeze.
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