search
Homeweb3.0Avalanche Foundation Repurchases $56M Worth of AVAX Tokens From Terraform Labs' Bankrupt Estate

Avalanche Foundation Repurchases $56M Worth of AVAX Tokens From Terraform Labs' Bankrupt Estate

Oct 14, 2024 am 06:26 AM
Court Approval token repurchaseAvalanche Foundation Terra's LFG

In April 2022, the Luna Foundation Guard, a Singapore-based nonprofit which supported the since-collapsed Terra ecosystem with its stablecoin UST and token LUNA, purchased $100 million worth of Avalanche's

Avalanche Foundation Repurchases M Worth of AVAX Tokens From Terraform Labs' Bankrupt Estate

The Luna Foundation Guard (LFG), a Singapore-based nonprofit that supported the collapsed Terra ecosystem with its stablecoin UST and token LUNA, purchased $100 million worth of Avalanche's (AVAX) tokens in April 2022 to bolster its reserves.

As the fourth-largest stablecoin at the time, UST's collapse in May brought into question the fate of the AVAX tokens, which were set to be used to support the stablecoin's peg. Now, the Avalanche Foundation has announced that it has negotiated a deal to repurchase the 1.97 million tokens from Terraform Labs' bankrupt estate.

"This action ensures that LFG would not violate the original agreement’s restrictions on the tokens’ use and shields the tokens from the complexity of a bankruptcy trustee liquidation," the Avalanche Foundation wrote in its announcement post on X.

While the foundation did not include the financial terms of the deal in its announcement, the current value of 1.97 million Avalanche tokens is around $56 million at the list price, a 44% decrease from the stash's original $100 million value.

The agreement will be enacted pending approval from the bankruptcy court overseeing Terraform Labs' estate, according to the announcement. A bankruptcy judge approved Terraform Labs' move to wind down its operations in September following the settlement of its case with the SEC.

The price of Avalanche's token, which was as low as $25.16 on Oct. 10, has since risen over 13% to around $28.50 following the announcement and the growing popularity of the new video game Off The Grid, which has an in-game economy built on an Avalanche Subnet, according to The Block's Avalanche Price Page.

The above is the detailed content of Avalanche Foundation Repurchases $56M Worth of AVAX Tokens From Terraform Labs' Bankrupt Estate. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Tokenized Treasuries Near $6B Milestone, Led by BlackRockTokenized Treasuries Near $6B Milestone, Led by BlackRockApr 19, 2025 am 11:44 AM

The value of blockchain-based U.S. Treasuries is closing in on a new milestone, with total holdings approaching $6 billion.

title: Canary Capital Is Launching a TRX-Tracking ETFtitle: Canary Capital Is Launching a TRX-Tracking ETFApr 19, 2025 am 11:42 AM

Canary Capital is looking to launch an exchange-traded fund (ETF) tracking the price of Tron's native token, TRX, according to a filing.

Solana Stablecoin Market Cap Hits Record $12.73 Billion as Sui Supply Reaches $800M with $60M InflowsSolana Stablecoin Market Cap Hits Record $12.73 Billion as Sui Supply Reaches $800M with $60M InflowsApr 19, 2025 am 11:40 AM

The stablecoin market has surpassed a total capitalization of $233 billion. Within this sector, Solana's stablecoins have reached a new all-time high market capitalization of $12.73 billion

Canary Capital Files for Staking TRX ETF, Targeting Launch Before Spot Bitcoin ETFsCanary Capital Files for Staking TRX ETF, Targeting Launch Before Spot Bitcoin ETFsApr 19, 2025 am 11:38 AM

Canary Capital is looking to get the U.S. Securities and Exchange Commission's sign-off for an exchange-traded fund that would track the Tron token TRX and has a staking component.

MoonPay CEO Ivan Soto-Wright calls on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoinsMoonPay CEO Ivan Soto-Wright calls on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoinsApr 19, 2025 am 11:36 AM

In an April 18 X post, Soto-Wright said he wanted Congress to “keep state-regulated issuers in the game” when it comes to stablecoin regulation, referencing efforts in the House of Representatives and Senate to create a federal regulatory framework.

Michael Saylor Dissects the Philosophy and Technological Potential of Bitcoin in '21 Truths of Bitcoin'Michael Saylor Dissects the Philosophy and Technological Potential of Bitcoin in '21 Truths of Bitcoin'Apr 19, 2025 am 11:34 AM

Saylor's ideas centre on the fixed 21 million coin supply of Bitcoin. He presents this shortage as a revolutionary economic idea rather than only a technical one.

Official Trump (TRUMP) memecoin unlocked 40 million tokens, worth around $300 millionOfficial Trump (TRUMP) memecoin unlocked 40 million tokens, worth around $300 millionApr 19, 2025 am 11:32 AM

The TRUMP memecoin has gained significant popularity on the Solana network primarily due to its direct affiliation with the U.S. President Donald Trump.

TRUMP (TRUMP) memecoin unlocks 40 million tokens, worth around $300 millionTRUMP (TRUMP) memecoin unlocks 40 million tokens, worth around $300 millionApr 19, 2025 am 11:30 AM

The TRUMP memecoin has gained significant popularity on the Solana network primarily due to its direct affiliation with the U.S. President Donald Trump.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)