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A piece of follow-up information on the transfer of its residual assets to people affected by the UST depeg has been provided by Luna Foundation Guard, a charity organization established exclusively to support Terra Ecosystem.
The LFG cites ongoing and pending lawsuits as the reason why distribution is currently impractical. It states that its objective is to disperse LFG’s residual assets to individuals who will be affected by the depeg, starting with the smallest holdings, although it doesn’t provide a timeframe.
LFG asserts that no deadline for resolution can be set while issues are still open. The anticipation of UST holders for the distribution has been high since the LFG initially revealed its original plan in May, but this partially kills their dreams.
The Foundation made an announcement shortly after the May depeg event that it intended to use its remaining assets to reimburse any surviving UST customers, starting with the smallest holders. Then it said that it was considering various distribution strategies and that further information would be provided soon.
At that time, the Foundation disclosed that it still had 313 BTC, 39,914 BNB, 1,973,554 AVAX, 1,847,079,725 UST, and 222,713,007 LUNA in its reserves (of which 221,021,746 was staked with validators). Since then, there have been no further developments on the state of the remaining funds, except how it responded to claims that Do Kwon had shifted 3313 BTC.
Prosecutors in South Korea claimed that a TFL wallet was used to transfer 3,313 bitcoins from the KuCoin and OKX exchanges.Do Kwon, the founder of Terra, reportedly created a new LFG wallet soon after receiving an arrest warrant. The claim was refuted by Luna Foundation Guard, who stated that since May 2022, no new wallets had been established or any BTC or other tokens owned by LFG had been moved.
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