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Avalanche Foundation Buys $52 Million Worth of AVAX Tokens from Defunct Luna Foundation Guard

Summary by Morning News
According to an announcement Thursday, Avalanche Foundation has completed the purchase of AVAX tokens from the Luna Foundation Guard, an organization created by Terraform Labs creator Do KWON to prevent exactly the type of death spiral that ultimately occurred with the failed algorithmic stablecoin TerraUSD (UST). In 2022, Kwon launched LFG as a broker that would buy more than $10 billion worth of bitcoin and other crypto assets, including AVAX,…
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Morning NewsMorning News

Avalanche Foundation Buys $52 Million Worth of AVAX Tokens from Defunct Luna Foundation Guard

According to an announcement Thursday, Avalanche Foundation has completed the purchase of AVAX tokens from the Luna Foundation Guard, an organization created by Terraform Labs creator Do KWON to prevent exactly the type of death spiral that ultimately occurred with the failed algorithmic stablecoin TerraUSD (UST). In 2022, Kwon launched LFG as a broker that would buy more than $10 billion worth of bitcoin and other crypto assets, including AVAX,…

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Morning News broke the news in on Friday, January 10, 2025.
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