The Luna Foundation Guard revealed how much they spent in their failed attempt to defend the UST peg.
The Luna Foundation Guard finally broke the silence and revealed exactly how much they spent to defend the UST peg throughout the events of last week., UST – the algorithmic stablecoin of its ecosystem – lost its peg and came crashing last week.
It’s important to note that LFG had previously acquired a number of cryptocurrencies to be used in emergency situations like these. Unfortunately, it was for not – as the entire ecosystem came crashing by.Prior to the events of last week, their reserves consisted of: 80,394 BTC, 39,914 BNB, 26,281,671 USDT, 23,555,590 USDC, 1,973,554 AVAX, 497,344 UST, 1,691,261 LUNA.
Per the tweet, LFG did so by using on-chain swaps while also transferring BTC to a counterparty to enable them to enter trades with the Foundation in large size and on short notice.
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