Luna Foundation Guard shares an update on the distribution of remaining assets

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Tomiwabold Olajide

Here’s what to know about compensation for small UST holders following events

Luna Foundation Guard, GLFa non-profit organization created specifically to support the Terra ecosystem, has shared a follow-up update on distributing its remaining assets to those impacted by the UST depeg.

LFG says that due to ongoing and threatened litigation, distribution would not be possible at this time. He mentions that his goal is to distribute LFG’s remaining assets to those affected by depeg, the smallest holders first, but the question remains when.

LFG asserts that while the issues remain outstanding, no time frame can be established for resolution. This somewhat dashed the hopes of UST holders who had been eagerly awaiting the distribution ever since the LFG unveiled their original plan in May.

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Shortly after the depeg event in May, the Foundation announced that it was seeking to use its remaining assets to compensate remaining UST users, smaller holders first. Afterwards, he said he was debating various distribution methods and updates to follow soon.

At the time, the Foundation disclosed that its remaining reserves were 313 BTC, 39,914 BNB tokens, 1,973,554 AVAX, 1,847,079,725 UST, and 222,713,007 LUNA (of which 221,021,746 were staked with validators). No further updates have been provided on the status of the remaining assets since then, although he recently reacted to Do Kwon’s claims of 3,313 BTC.

South Korean prosecutors had alleged that 3,313 bitcoins were moved from KuCoin and OKX exchanges by a TFL wallet. Terra founder Do Kwon allegedly created a new LFG wallet shortly after receiving an arrest warrant.

However, Luna Foundation Guard denied the allegation, stating that it has not created new wallets or moved BTC or other tokens held by LFG since May 2022.

Do Kwon also denied the freezing of more than $40 million of his assets in two swaps by South Korean prosecutors.

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