Terra (Luna) and UST’s experiences are probably long gone in the history of cryptocurrencies and will be remembered for many years to come.
The value of the UST, which should be indexed to 1 dollar, experienced a sharp decline and LUNAThe 100% depreciation of Bitcoin has dealt a hard blow to the crypto money industry.
One of the most frequently asked questions by investors is Bitcoin (BTC) had reserves.
According to Glassnode data, we have previously reported that LUNA’s BTC reserve has dropped to zero. From our Twitter account we announced.
According to Glassnode data #LUNAheld to support its stablecoin #Bitcoin reserves fell to zero.
In other words, according to this data, the company has sold all its BTCs. pic.twitter.com/794TWTQfzf
— Bitcoin System (@bitcoinsystem) May 11, 2022
billions of dollars BTC to protect the UST collateral in the unlikely event that the purchaser will be used Stating that, Do Kwon had been silent for days.
Terra stated in all the documents and presentations he produced to raise money that the reserves would be used specifically to protect the IHR collateral, but the collateral has already been broken. Meanwhile, BTC reserves were not used and it was stated that they were even sold.
After the pressure, a statement was heard from someone close to the project.
“LUNA Will Use BTC Reserves”
One of the important names of the Luna community Rummy Tetoth He shared important information.
Tetoth, He emphasized that he knows how sad the silence is and stated that the BTC reserves held by LFG are “on the way”.
While I understand how the silence has be frustrating (it has been for me as well), I have decided to break ranks.
– LFG balance reserves coming, we are waiting for exchange to confirm the timing and tx
– Amending small wallets, builders and stakers is a priority
— Remi Tetot 🌑 (@Remi_Tetot) May 16, 2022
Tetot, who is one of the advisors of LFG, which holds BTC reserves, emphasized that they are waiting for news from the exchanges and that the reserves will be used for investors.
The famous name said that developers and stakers have a priority, especially for small wallets.
On the other hand, in response to a user’s response, “Full transparency is needed regarding the divestment process of LFG’s $3 billion BTC assets, otherwise this is a rugpull scam,” Tetot said, “BTCs are coming, there is no rugpull status, just these transactions take some time.” made a statement.
Official announcements will be made in the coming days.
*It is extremely risky for investors to invest in LUNA and UST coins because of new developments. These products act differently from other cryptocurrencies and may cause you to lose all your assets.