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Luna Foundation blames litigations for non-distribution of assets to Terra holders Luna Foundation blames litigations for non-distribution of assets to Terra holders

Luna Foundation blames litigations for non-distribution of assets to Terra holders

LFG reiterated that its goal is to distribute its remaining assets to small $UST holders.

Luna Foundation blames litigations for non-distribution of assets to Terra holders

Cover art/illustration via CryptoSlate

Luna Foundation Guard (LFG) tweeted Oct. 7 that its effort to distribute the remaining assets of the failed Terra ecosystem to the token holders has been frozen due to ongoing litigations.

The Foundation stated that it would be unable to carry out the distributions as planned for as long as “these matters are outstanding.”

LFG reiterated that its goal “remains to distribute LFG’s remaining assets to small $UST holders.”

Fatman Terra, however, tweeted that the Foundation was only making excuses. According to him, there was a 43 days gap between when the stablecoin de-pegged and when the first lawsuit was filed against Terra. He stated that the Foundation “had loads of time to do a simple USDC airdrop.”

Luna Foundation had spent almost all its Bitcoin (BTC) reserve to defend UST’s peg. According to the Foundation’s dashboard, its reserve is left with $105 million, with its Bitcoin reserve worth $6.13 million.

Meanwhile, a member of the 5-man council Jonathan Caras, in May, said Do Kwon did not reach out to the council since UST’s crash.

Recently, South Korean authorities began canceling Do Kwon’s passport. A South Korean District Court later denied the arrest warrant for his aide Yoo Mo.

Terraform Labs had described South Korea’s arrest warrant for Kwon as “unfair.”

Posted In: , Legal

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