Friday, December 9, 2022
HomeLaw & PoliticsLuna Foundation blames legal disputes for non-transfer of Terra assets to holders

Luna Foundation blames legal disputes for non-transfer of Terra assets to holders

On October 7, Luna Foundation Guard (LFG) announced via tweet that its attempt to transfer the collapsed Terra assets to token holders has been frozen because of ongoing legal disputes.

Luna Foundation

The foundation expressed that as long as “these matters remain outstanding,” it will be unable to make the disbursements as planned. Luna Foundation Guard (LFG) emphasised that its objective “remains to transfer LFG’s remaining assets to small $UST holders.”

However, Fatman Terra claimed in a tweet that the Foundation was just giving an excuse. As per Fatman there was a 43-day interval between the stablecoin’s de-peg and the initial Terra lawsuit filing. 

Fatman expressed that the Foundation “had plenty of time to execute a simple USDC airdrop.”

Luna Foundation had utilised all of its Bitcoin (BTC) reserve, to safeguard UST’s peg. The Foundation’s dashboard shows that it has a remaining reserve of $105 million, with $6.13 million as Bitcoin reserve.

Jonathan Caras, one of the five council members, said in May that Do Kwon had not contacted the council since the UST collapse.

Recently, the South Korean government started suspending Do Kwon’s passport. Later, the arrest warrant for his assistant Yoo Mo was rejected by a South Korean District Court.

The South Korean arrest warrant for Kwon was described as “unfair” by Terraform Labs.

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