Luna Foundation blames litigations for non-distribution of assets to Terra holders
The Luna Foundation Guard (LFG) tweeted on October 7 that its efforts to distribute the remaining assets of the failed Terra ecosystem to token holders have been frozen due to ongoing litigation.
Since the $UST depeg in January/May, there has been a justifiable interest in LFG’s assets and how they are distributed. As previously mentioned, our goal is to distribute LFG’s remaining assets to those affected by depeg, first to the smallest holders. https://t.co/VOTQDkQZ90
— LFG | Luna Foundation Guard (@LFG_org) October 7, 2022
The foundation said it would not be able to carry out the distribution as planned as long as “these issues remain unresolved.”
The LFG has repeated that goal.Remains to distribute LFG’s remaining assets on a smaller scale $UST holder.
excuse.
May 9 – UST depeg
May 16 (7 days) – LFG commits to refunding small holders
May 28th (19 days) – Launching a brand new blockchain and doing massive LUNA drops
June 21 (43rd) – First Terra lawsuit filedWe had enough time to do a simple USDC airdrop. Why didn’t you?
— Fat Man (@FatManTerra) October 7, 2022
But Fatman Terra tweeted that the foundation was just making excuses.He said there was a 43-day gap between the stablecoin being unpegged and the first lawsuit being filed against Terra. had. He said the foundation “had plenty of time to do his USDC airdrop, which was easy.”
The Luna Foundation spent almost all of its Bitcoin (BTC) reserves protecting the UST peg.According to the foundation Dashboardits reserves remain at $105 million, while Bitcoin’s reserves are at $6.13 million.
Meanwhile, Jonathan Karas, a member of the Council of Five, announced in May that Said Do Kwon has not contacted the Council since the UST’s collapse.
Recently, South Korean authorities began revoking Do Kwon’s passport. A South Korean district court then dismissed the arrest warrant for his aide Yumo.
Terraform Labs said the South Korean arrest warrant for Kwon was “unjustified.”
