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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