On the afternoon of Nov. sixteen, 2022 (Vietnam time), Luna Foundation Guard (LFG) announced a third-celebration verified audit, supplying insight into efforts to “save” UST in the course of the UST depeg reset in May this yr.
First, to get an overview of the Terra-UST incident, study the posting on the effect and harm that the Terra (LUNA) – UST “catastrophe” has left on the cryptocurrency sector.
Next, there are two organizations stated right here:
- Luna Foundation Guard (LFG) is the organization that manages and monitors the assure fund for the stablecoin TerraUSD (UST)
- Terraform Labs (TFL) is the business that founded Terra and the ecosystem all-around this coin.
The main goal of the audit is “to provide transparent insight into the FSO’s depeg rescue efforts, state LFG assets in the May incident, and respond to misinformation that has been circulating in the community.”
one/ Today, LFG releases technical audit report performed by JS Held, an skilled third-celebration auditing company, supplying total transparency into trading, blockchain ledgers, and LFG and TFL’s efforts to defend TerraUSD cost ( $UST) involving eight May and twelve May 2022.
— LPG | Luna Foundation Guard (@LFG_org) November 16, 2022
In unique:
– LPG employed $two.eight billion (which includes 80,081 BTC and $49.eight million of stablecoins) in an energy to avert depeg. This variety is precisely what the organization announced on Twitter on May sixteen, 2022, as reported by Coinlive.
one/ As of Saturday seven May 2022, the Guardia di Fondazione Luna held a reserve consisting of the following assets:
· 80.394 $BTC
· 39.914 billions of dollars
· 26.281.671 $USDT
· 23.555.590 $USDC
· one,973,554 $AVAX
697.344 $UST
· one.691.261 $MOON— LPG | Luna Foundation Guard (@LFG_org) May 16, 2022
– TFL also pays 613 million bucks from TFL’s very own money to conserve the UST cost.
With that details, LFG says the local community has “put the wrong thing” on them:
- All asset money are employed to conserve the UST cost
- All depeg cost rescue routines get spot on the publicly traded market place and are not meant to advantage any person or third celebration
- The assets have all been held in the “same” wallets due to the fact the May tweet and have under no circumstances been moved or frozen.
Additionally, LFG’s equity fund is a hundred% funded by TFL with the aim of producing a safe escrow fund for Terra stablecoins.
For the over factors, the TFL concludes that:
twelve/ While people reserves had been sadly inadequate to defend towards intense market place volatility and finally led to $UST depegging, LFG absolutely fulfilled its mandate to do every thing inside its assets to avert this kind of an final result.
— LPG | Luna Foundation Guard (@LFG_org) November 16, 2022
“Although the amount of assets in reserve is not sufficient to withstand extreme market price fluctuations, leading UST to continue depegging, LFG still seeks to use all resources to salvage the situation.”
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