Discussion

• @lfg_org @lfg_org on x

  1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets: · 80,394 $BTC · 39,914 $BNB · 26,281,671 $USDT · 23,555,590 $USDC · 1,973,554 $AVAX · 697,344 $UST · 1,691,261 $LUNA

• @terra_money @terra_money on x

  The Terra blockchain has resumed block production. Validators have decided to disable on-chain swaps, and IBC channels are now closed. Users are encouraged to bridge off-chain assets, such as bETH, to their native chains. Note: Wormhole bridge is currently unavailable.

• @stablekwon @stablekwon on x

  1/ I've spent the last few days on the phone calling Terra community members - builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you.

• @lfg_org @lfg_org on x

  8/ As of now, the Foundation's remaining reserves consist of the following assets: · 313 $BTC · 39,914 $BNB · 1,973,554 $AVAX · 1,847,079,725 $UST · 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)

• @cyounessi1 @cyounessi1 on x

  Over *four years* ago I was a research analyst at @scalarcapital. The Terra / $LUNA deal came across our desk and I was assigned to it because I was the DeFi guy. Here's what I had to say about the project. How did we allow it to end up like this? https://twitter.com/...

• @cz_binance @cz_binance on x

  2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold. Address: https://finder.terra.money/...

• @persiancapital @persiancapital on x

  The second way is to prioritize smaller wallets. People who had a couple thousand or more of UST deposited in Anchor. If Terra just focussed on the “poorest” 99.6% of wallets, then they could make this gigantic group 100% whole. Yes, you read that right! 4/

• @venturecoinist Luke Martin on x

  @cz_binance Apparently 52k $btc was sent to Gemini and the rest (28k btc) was sent to Binance at 1am in a single transaction. https://www.elliptic.co/... https://twitter.com/...

• @cz_binance @cz_binance on x

  Shouldn't those BTC be ALL used to buy back UST first?

• @stablekwon @stablekwon on x

  4/ We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.

• @lfg_org @lfg_org on x

  6/ Sold 33,206 $BTC for an aggregate 1,164,018,521 $UST

• @cz_binance @cz_binance on x

  We probably do have some from trading fees. Probably valued close to 0 now. (Think of it as free trading in the past, haha). This just wasn't on my mind. Not how we prioritize things. Users first. 🙏

• @lawmaster @lawmaster on x

  In summary, LFG has gone from having $3.1 billion in their reserves a week ago to now having roughly $87M. Which means they spent roughly $3 billion defending the UST peg and UST still collapsed. https://twitter.com/... https://twitter.com/...

• @jimeharrisjr James Harris on x

  1/ Statement analysis is one of those “soft skills” that is important in life. It served me well as an FBI Agent, and continues to inform how I make decisions. Some friends highlighted a thread recently which made my antenna go up. BLUF: I'm not accusing anyone of a crime, but...…

• @ncweaver Nicholas Weaver on x

  This last bit is hilarious: They describe a process where they bailed out a few big insiders with the entire reserve, and now that there are just some stems and seeds left NOW they care about their victims? I so hope that the DOJ goes after these clowns with a vengeance. https://…

• @iamdcinvestor @iamdcinvestor on x

  LFG released this preliminary data on how they used the BTC to defend the peg still quite difficult to follow, with provision to a “counterparty” as a black box fully audited records (of on-chain & off-chain activity) must be produced to explain what actually happened here https:…

• @sumoluna @sumoluna on x

  Sure would be nice to see detailed trade records for this. Who's $UST was bought and where is the biggest question? https://twitter.com/...

• @twobitidiot Ryan Selkis on x

  LFG unwound 80k Bitcoin last week. One less risky overhang to the market. Maybe we're closer to the bottom than I had thought. Still might be $60mm of forced selling of AVAX ahead, but that's <1% of its market cap. https://twitter.com/...

• @jeuasommenulle @jeuasommenulle on x

  I did the calculations, so you don't have to do them : here are the reserves they wiped out based on tweets 1 & 8 https://twitter.com/... https://twitter.com/...

• @mhonkasalo @mhonkasalo on x

  LFG treasury went down from $3.21b to $238m in 3 days. Pretty brutal. https://twitter.com/... https://twitter.com/...

• @axel_bitblaze69 Axel Bitblaze on x

  As per the tweet, #Binance held $LUNA from $3M to $1.6b (at peak) to ~ around $2K now. Full respect to @cz_binance to protect the users first rather than their own investment! Living legend! 🫡 https://twitter.com/...

• @fatmanterra @fatmanterra on x

  CZ, the founder of Binance, has announced support for the tiered refund solution protecting retail users up to a cap who were burned by UST. https://twitter.com/...

• @justinsuntron H.E. Justin Sun on x

  Fully support this proposal. I sympathize with all in this unforeseen crisis. I would like to commit $10 million USDD to the recovery of the bottom 236k UST holders. I believe this will benefit the ones affected the most and show our unity! Details to be announced soon! https://t…

• @0xmurloc @0xmurloc on x

  .@cz_binance showing true industry leadership. Criticizing w/ lolponzi takes is cringe. Participation in remediation is what leaders do. https://twitter.com/...

• @daancrypto @daancrypto on x

  The fact that all that 80K+ $BTC got swept up at low $30Ks is promising to me. That's A LOT of liquidity soaked up with little to no slippage which would otherwise need a huge grab towards the downside. Strengthens the bull case imo but these are just my thoughts. https://twitter…

• @cobie @cobie on x

  Novogratz fixin' things up https://twitter.com/...

• @robustus Dan McArdle on x

  Wow, sold over 80,000 BTC in a couple days, starting May 8th when BTC was trading around $34k. And here we are a week later around $30k, having fully absorbed a rapid, massive, distressed sell. Pretty good, all things considered https://twitter.com/...

• @cz_binance @cz_binance on x

  4/ Now the important part. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever. Binance (after a 5 min discussion) fully support this proposal. 👇 https://twitter.com/...

• @lawmaster @lawmaster on x

  Really difficult to be in the “failed experiment but at least they tried” camp when there is still no info about hundreds of millions of BTC in the reserve. Twitter accounts look like they have been taken over by lawyers. CT really should put more pressure into getting info ASAP

• @lfg_org @lfg_org on x

  4/ LFG: · Directly sold 26,281,671 $USDT & 23,555,590 $USDC for an aggregate 50,200,071 $UST · Transferred 52,189 $BTC to trade with a counterparty, net of an excess of 5,313 $BTC that they have returned, for an aggregate 1,515,689,462 $UST

• @cz_binance @cz_binance on x

  1/5. Some interesting updates, full transparency and lead to protect users: As it turns out, most UST pairs were 0 fee to begin with. (I didn't know that, our team had to tell me.) So, not much UST there. We do have... https://twitter.com/...

• @wublockchain @wublockchain on x

  CZ said Binance received 15,000,000 LUNA, at peak worth $1.6 billion USD, as part of the original ($3m) invest. 560x return at peak. Never moved or sold. Only worth $3000 now. https://twitter.com/...

• @cz_binance @cz_binance on x

  Reading some comments on Twitter, it just occurred to me that I haven't asked our team if @Binance had any UST. 😂 (I don't have access to our admin backend, for security reasons. I always have to ask someone to get info.) I just asked now. 1/2

• @stablekwon Do Kwon on x

  5/ There are multiple proposals on Agora on the best steps to move forward for the community - after having read many of them, I've put down my thoughts of what I think the best steps are: https://agora.terra.money/...

• @maxberger Max Berger on x

  This is a really helpful list. I'm also wondering about the list of politicians who received money from the new Crypto funded SuperPAC. https://twitter.com/... https://twitter.com/...

• @wublockchain @wublockchain on x

  Elliptic: Of the 80,394 BTC held by LFG, 52,189 BTC went to the U.S exchange Gemini on May 9, and the remaining 28,205 BTC was transferred to an account at Binance on May 10, it could not be determined whether the assets were sold or not. https://www.elliptic.co/...

• @christine_dkim Christine Kim on x

  The Luna Foundation Guard has moved 37,179.99 BTC (~$1.2bn) of its reserves to OKEx. The funds were again loaned out to market makers in an ongoing attempt to re-stabilize the UST peg. UST prices continues to falls. H/t: @AppBreadcrumbs https://twitter.com/... https://twitter.com…

• @markgutman9 Mark Gutman on x

  Very specific wording here me thinks https://twitter.com/...

• @0x_messi @0x_messi on x

  Is all of the btc gone or not? Ik there isn't any left in the reserve addresses... Just wondering if they have any left. Relevant info for everyone rn. https://twitter.com/...

• @laurashin Laura Shin on x

  Wondering where the $3.5 billion in #bitcoin owned by #Terra_Luna / LFG went? Here's where @elliptic traced it to: https://www.elliptic.co/...

• @yodaresearch @yodaresearch on x

  In a nutshell: the usual thoughts and prayers + vague info no explanation why - he insisted to save $UST whiteout the collateral.. made 0 sense - no earlier shutdown - ignoring external help eg from CZ - tweeting ppl to wait when he knew it wouldn't work? hmm buy it, I do not htt…

• @lex_node @lex_node on x

  given @cz_binance 's obvious displeasure with Terra and @stablekwon 's silence so far on fate of the LFG BTC reserve, if this article is true it would not surprise me if Binance has frozen the BTC it allegedly received @cz_binance care to comment? https://www.elliptic.co/... http…

• @mikefellman Mike Fellman on x

  You ran an unregulated money market mutual fund and invested in an asset as volatile as Bitcoin. How could this go wrong? https://twitter.com/...

• @sanjiva @sanjiva on x

  A *slightly* more understandable explanation of the cryptocalypse involving Luna, Tuna, UST, USDC and maybe some Salmon too. Ugh. https://twitter.com/...

• @nischalshetty @nischalshetty on x

  Hope funds are accounted for as it's part of foundation May be just a case of not having shared the specific wallet address But bigger question is: How did a foundation end up being used as an asset custodian for backing an algorithmic stablecoin 🤔 https://www.theblockcrypto.com/…

• @dandolfa David Andolfatto on x

  Wishing him well, but am puzzled. Isn't the whole spirit of the endeavor to make sure all rules, protocols, assets, etc., are perfectly transparent and known beforehand? https://twitter.com/...

• @mikeburgersburg @mikeburgersburg on x

  Gemini and Binance received all of Terra's Bitcoin reserves. Nobody knows if they were sold or not... https://twitter.com/...

• @altcoinpsycho @altcoinpsycho on x

  1) This is essentially a self-loan to an otc firm 2) basically reads: sell $750m of BTC soon then buy back $1.5 billion worth when price is attractive Yea... we definitely going lower lol https://twitter.com/...

• @cov_duk @cov_duk on x

  23. @cyounessi1's thoughts on Terra 4 years ago. https://twitter.com/...

• @crypto @crypto on x

  The failure of Terra's UST stablecoin and its sister token Luna created huge losses, and the aftereffects may have consequences for investors & startups with no direct connection https://www.bloomberg.com/... via @technology

• @schuldensuehner @schuldensuehner on x

  Terra's $45bn face plant has created a crowd of crypto losers. Rapid collapse of a once-popular pair of cryptocurrencies sent ripple effect across industry, contributing to plummeting coin prices that wiped hundreds of billions from the digital-asset mkt. https://www.bloomberg.co…

• @bqprime @bqprime on x

  Venture capitalists who have long been some of the industry's biggest cheerleaders may not have quite the same risk tolerance now. #Crypto https://www.bqprime.com/...

• @koryodynasty Raphael Rashid on x

  Meanwhile in other #LUNA crash news, the wife of Terraform Labs CEO Do Kwon has sought police protection after alleging that an individual broke into their apartment building in South Korea, according to police, via @ParkKunwoong https://forkast.news/...

• @beniaminmincu @beniaminmincu on x

  An inescapable conclusion must sync in. #Terra, #Luna, and #UST are built on a fundamentally flawed architecture. This is a systemic failure which is clear and undeniable. No rational ground can be presented to sustain the existence of the architecture in its current form. https:…