Luna Foundation Guard (LFG) Moves Crypto Holdings to Direct Custody Solution After $4.5B SEC Settlement-web3.0-php.cn

Luna Foundation Guard (LFG) Moves Crypto Holdings to Direct Custody Solution After $4.5B SEC Settlement

Jun 25, 2024 pm 10:30 PM

The Luna Foundation Guard (LFG), associated with Terraform Labs (TFL), recently transferred its crypto holdings to a direct custody solution following a significant settlement with the U.S. SEC.

Luna Foundation Guard (LFG) Moves Crypto Holdings to Direct Custody Solution After .5B SEC Settlement

LunaFoundationGuard(LFG) has recently shifted its crypto holding to a direct custody solution, following TerraformLabs' (TFL) settlement with the U.S. Securities and Exchange Commission (SEC). This move has brought LFG's financial strategies into focus. TerraformLabs and its co-founder Do Kwon settled a civil fraud case with the SEC earlier this year. As part of the settlement, both parties agreed to pay $4.5 billion in penalties. This prompted LFG to take steps to protect its crypto assets. According to a post on the X-platform on June 25, LFG moved a significant amount of cryptocurrency, including Bitcoin, to a direct custody solution to enhance the security of funds held in LFG wallets. This transfer involved substantial amounts of cryptocurrency, including 1.974 million AVAX (total value: $71.19 million) and 39,499 BNB (total value: $23.5 million). To ensure transparency and trust, LFG has created a Reserves Dashboard that tracks the funds in LFG-linked wallets in real-time, providing visibility into their crypto holdings. These developments have impacted the crypto market negatively. Prices of assets held by TerraformLabs have dropped significantly due to concerns over potential sell-offs and the overall market sentiment. For example, AVAX has seen a 34% decrease in a month, while LUNA and USTC have fallen by over 30% and 20%, respectively. As of now, the total reserve balance stands at $124.36 million, with Bitcoin holdings valued at $19.13 million, Avalanche (AVAX) at $49.71 million, and BNB at $32.87 million. In response to the SEC settlement, TFL CEO Chris Amani has begun selling major projects like PulsarFinance and StationWallet, while TFL will continue operating its remaining products. This has coincided with significant drops in AVAX, LUNA, and USTC prices amid market uncertainties and concerns over potential sell-offs.

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