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Luna Foundation Guard released a third-party technical audit on 16 November The audit confirmed the absence of impropriety on the part of Terraform Labs and LFG. When Terra crashed, it caused billions of dollars in losses in the crypto world, both personally and for institutions.
Months after the collapse of Terra's U.S. dollar-pegged token UST, the organization created to protect the once-stable coin, the Luna Foundation Guard (LFG), published an audit report audited by the New York-based consultancy company JS Held. According to the report, LFG claims to have spent 80,081 bitcoin and 49.
A third-party audit report released by JS Held on Nov. 16 revealed that Luna Foundation Guard spent $2.8 billion after the UST de-peg to come out of the debacle. Notably, it has become clear that the reserves were not used to pay back the investors of the project.
The audit tracked efforts to defend the UST peg May 8-12 and no found wrongdoing. LFG used the data to draw conclusions about frozen funds.
Luna Foundation Guard (LFG), the entity behind the collapsed Terra ecosystem, spent $2.8B (80,081 BTC and 49.8M in stablecoins) to defend UST's peg, a new report by London-based third-party auditing firm JS Held has shown.
The Terra co-founder's other company is facing intense scrutiny from South Korean authorities over its connections to the failed project.
An on-chain audit commissioned by the Luna Guard Foundation (LFG) and Terraform Labs (TFL) to provide transparency into the actions of the two organizations in their unsuccessful defense of the TerraUSD (UST) peg has concluded that there was no embezzlement
UST, the once-poster child for decentralized assets tied to the USD, de-pegged in May this year, wiping out billions in value.
The Luna Foundation Guard (LFG), nonprofit managing UST algorithmic stablecoin, has released a technical audit to provide full transparency into assets and efforts to repeg TerraUSD (UST) in May. LFG aims to answer all allegations including misappropriated funds, insiders, holdings funds in other wallets, and funds frozen.
Luna Foundation Guard published an audit today by JS Held showing its efforts to defend the UST peg during the May collapse. The post Luna Foundation Guard says it spent $2.8 billion to defend UST peg appeared first on The Block.
A November 9 technical audit report submitted by JS Held revealed the Luna Foundation Guard spent $2.8 billion to defend UST's peg between May 8 and May 12. The post Audit reveals Luna Foundation Guard spent $2.8B to defend UST peg in May appeared first on CryptoSlate.
According to the Luna Foundation Guard, the third-party audit dispels allegations that Terraform Labs founder Do Kwon embezzled or misused the organization's funds.
In May, TerraUSD (UST) lost its peg to dollar
Officials said they suspect Chai Corp. leaked customer information to Terraform Labs.
Terraform Labs founder Do Kwon dismissed similarities with the collapse of FTX.
In the wake of the crypto market collapse, it's time to reconsider what "buy the dip" means for crypto investors.
Terra's Do Kwon claims that he remains at his house while South Korean officials insist that the disgraced Terra cofounder is on the run
The founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are speaking out after months of silence in the wake of the firm's bankruptcy.
Authorities reportedly alleged Shin Hyun-seong earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra's collapse.
The price of terra luna classic (LUNC) has fallen by 2.5% in the past 24 hours, with the altcoin also down by nearly 30% in the past week, at $0.00017357. The drops come as the fallout from FTX's collapse continues to weigh down the wider market, with LUNC's momentum from early September unable to carry out through a turbulent period for crypto.
The Fear and Greed Index is 24 Extreme Fear and is +2 from Sunday's reading of 22 Extreme Fear
The co-founder of Terraform Labs Pte. Ltd., Shin Hyun-seung, also known as Daniel Shin, has been called by South Korean prosecutors to an investigation this week as a suspect for allegedly making unjustified gains with the cryptocurrency LUNA, which is now known as the Luna Classic (LUNC).
Kyle Davies revealed his thoughts about the ongoing FTX saga by comparing it to the previous Luna woes that disrupted the crypto ecosystem.
The decline in LUNC prices this week was brought about due to the FTX debacle that has adversely affected the entire cryptocurrency industry.
