Foundation Guard for Luna said that Asset distribution is “now not possible”

October 8, 2022


The foundation cites “ongoing and threatened lawsuits” because it has been unable to distribute its remaining assets to users of the land deposits (starting with smaller scammers). The Luna Foundation Guard, or LFG, a foundation focused on the Terra ecosystem, said it could not provide a timetable for the distribution of assets to users after the TerraUSD stablecoin was pegged to the US dollar.

On October 7 on Twitter, LFG cited “ongoing and threatened lawsuits” over its inability to distribute its remaining assets to underground tank users, starting with smaller scammers. Before the market crash in May, the fund’s reserve assets, which totalled more than a billion dollars, had fallen to about $105 million at press time. “Distribution is not possible at this time,” the foundation said. “While these issues are still pending, there is no timetable for their resolution […] We will not stop defending our ability to carry out these initial plans, and those who wait will be the first to know” . New development. The Crypto Twitter users who responded to the announcement criticized the fund for not offering quick compensation, while co-founder Terra Do Kwon criticized its alleged involvement in the incident: “You have enough time, but DK blame exchange for not providing the data.

South Korean authorities filed lawsuits against Kwon and Tera employees over ecosystem collapse In September, a South Korean court issued a warrant of arrest against Kwon before that Interpol put his name on a notice. At press time, Kwon’s whereabouts were unknown, but he tweeted that he “made no effort to hide.” On October 5, prosecutors issued a warrant against Terraform Labs business manager Yoo Mo, leading to his arrest in South Korea, and a judge later dismissed the case. South Korea’s Ministry of Foreign Affairs also gave citizens the right to surrender passports by October 20 or face cancellation and not being reissued.

Read more: Will the $3 billion in Bitcoin released by Mt. Gox lead to a market bottom in August?

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