Avalanche Foundation announced an agreement to repurchase all AVAX coins sold to Luna Foundation Guard (LFG) before April 2022.
The repurchase totaling 1.97 million AVAX is currently awaiting bankruptcy court approval.
In a statement shared on social media, the Avalanche Foundation detailed the move: “The Avalanche Foundation has negotiated an agreement to repurchase all AVAX tokens previously sold to Luna Foundation Guard (LFG) in April 2022, which is currently awaiting approval from the Bankruptcy Court. ”
The Foundation stated that this action is aimed at ensuring that LFG does not violate the original agreement’s restrictions on the use of tokens. It also aims to protect AVAX tokens from complexities that may arise during a bankruptcy receivership liquidation. By repurchasing tokens, the Avalanche Foundation aims to strengthen its own assets and thereby strengthen its capacity to support the continued growth and development of the Avalanche ecosystem.
If approved, this move would return 1.97 million AVAX tokens to the foundation, strengthening its ability to support future initiatives and expand the blockchain’s capabilities.
*This is not investment advice.
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