A third-party audit has revealed that the Luna Foundation Guard spent $2.8 billion to defend the peg of the algorithmic stablecoin TerraUSD (UST).
Audit Findings Reported
The audit was conducted by JS Held, a Jericho, New York-based consultancy firm. It was discovered that in May 2022, the parent company behind the collapsed Terra ecosystem, Luna Foundation Guard (LFG), spent crypto funds worth $2.8 billion in an attempt to defend the dollar peg of the algorithmic UST stablecoin. In fact, the foundation transferred more than 52,000 BTC from its reserves to Jump Trading. The audit also uncovered that the developer of the Terra blockchain, Terraform Labs spent $613 million trying to defend the peg.
Were Funds Misrepresented Or Stolen?
However, as we now know, the efforts were in vain, as UST lost its dollar beg and the entire Terra ecosystem came crashing. Many other crypto lenders, brokers, trading platforms, and exchanges who had exposure to the UST stablecoin or the LUNA token o
We współpracy z: https://cryptodaily.co.uk/2022/11/lfg-audit-reveals-billions-spent-on-ust-peg
