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News

Luna Foundation Guard Still Has Not Compensated Users

October 8, 2022 - Around 2 mins mins to read
Since the fall of the TerraUSD, the algorithmic stablecoin that spectacularly lost parity with the US dollar earlier this year, the Luna Foundation Guard (LFG) has claimed that it will continue to pay users for losses.
Luna Foundation Guard Still Has Not Compensated Users

However, it appears that the wait for compensation may continue since LFG cited ongoing and threatening litigation as reasons for delaying disbursements to consumers who have suffered losses.

According to a Twitter discussion on the matter, the organization stated:

The disclosure comes amid an ongoing inquiry into Terraform Labs, the firm in charge of the Terra network’s construction. South Korean authorities detained the company’s chief of general business operations, but a court later overturned the detention order.

Luna Foundation Guard Still Has Not Compensated Users

Currently, the hunt for the founder of Terraform Labs is still ongoing, after Korea announced that Interpol had issued a “red notice” for Do Kwon. The South Korean Ministry of Foreign Affairs has ordered Terraform Labs founder Do Kwon to forfeit his passport.

The LFG’s entire reserve balance is now nearly $105 million, down from more than $60 billion prior to the fall of TerraUSD.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Luna Foundation Guard Still Has Not Compensated Users

Since the fall of the TerraUSD, the algorithmic stablecoin that spectacularly lost parity with the US dollar earlier this year, the Luna Foundation Guard (LFG) has claimed that it will continue to pay users for losses.
Luna Foundation Guard Still Has Not Compensated Users

However, it appears that the wait for compensation may continue since LFG cited ongoing and threatening litigation as reasons for delaying disbursements to consumers who have suffered losses.

According to a Twitter discussion on the matter, the organization stated:

The disclosure comes amid an ongoing inquiry into Terraform Labs, the firm in charge of the Terra network’s construction. South Korean authorities detained the company’s chief of general business operations, but a court later overturned the detention order.

Luna Foundation Guard Still Has Not Compensated Users

Currently, the hunt for the founder of Terraform Labs is still ongoing, after Korea announced that Interpol had issued a “red notice” for Do Kwon. The South Korean Ministry of Foreign Affairs has ordered Terraform Labs founder Do Kwon to forfeit his passport.

The LFG’s entire reserve balance is now nearly $105 million, down from more than $60 billion prior to the fall of TerraUSD.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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