Luna Foundation Says Nearly Entire Bitcoin Stack Spent, Promises Compensation to UST Users

The Luna Foundation Guard (LFG), the entity whose task was to maintain the stability of the terraUSD (UST) peg, said it spent nearly all of its bitcoin (BTC) held in reserves to defend UST's dollar peg as it collapsed. But from what is left, users of the failed stablecoin will be compensated, LFG said.

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Even though Binance lost nearly all of its initial investment, it still turned a profit from its staking yield. The post Binance's LUNA investment, which peaked at $1.6 billion, now worth just $3,000 appeared first on The Block.

El-Salvador being the first country to Bitcoin adoption has now conducted a meeting to discuss financial inclusion and benefits of Bitcoin adoption in the countries. The Bitcoin adoption has followed a sequence one after the other, as the first country El-Salvador adopted Bitcoin to its family as legal tender after 12 years of Bitcoin's introduction. …

Sam Bankman-Fried, CEO and founder of major crypto exchange FTX, and investor in Solana (SOL), was accused of misleading the public as he omitted important facts while bashing Bitcoin (BTC). The CEO claims that his quotes were chosen "very selectively" by a mainstream media outlet, known for skepticism towards Bitcoin and crypto.

Polygon MATIC/USD is a Layer-2 scaling solution, also known as a sidechain, that was specifically developed to provide faster transactions with lower costs for its users. Polygon also has its own native cryptocurrency token known as MATIC, which is used as a means for the payment of fees on top of the network, for taking, The post Polygon working with projects on Terra: how will this shape MATIC? appeared first on Invezz.

The Luna Foundation Guard (LFG) revealed on Monday that the recent Terra crash, and its measures to support UST had wiped out most of its reserves. Its holdings now stand at about $260 million- a far cry from the over $4 billion the LFG commanded less than two weeks ago.

The Luna Foundation Guard (LFG), official stewards of Terra's bitcoin reserves, released a statement on Monday documenting how they dispersed millions of dollars worth of crypto in their failed attempt to maintain the peg of stablecoin terraUSD (UST).

LFG said it would look to compensate users for losses suffered due to the breakdown of its algorithmic stablecoin.  The post Luna Foundation Guard breaks silence on state of Terra reserves, looks to compensate users appeared first on The Block.

El Salvador president Nayib Bukele has announced that 32 central banks and 12 financial authorities will convene in the country to discuss bitcoin.  The post Bitcoin Conference in El Salvador Attracts Representatives From 44 Countries appeared first on BeInCrypto.

Terra has continued to settle down after a series of decline runs to reach its lowest level since its creation. Although all that is now partly over, its community is still very far from impressed.

Ethereum founder Vitalik Buterin says he supports a suggestion on how to reimburse holders of TerraUSD (UST) following the massive collapse of the Terra ecosystem last week. Originally put forth by a Twitter account named PersianCapital, the suggestion involves prioritizing the smallest holders in order to make them 100% whole after losing their funds to The post Ethereum Founder Vitalik Buterin Supports TerraUSD (UST) Recovery Plan That Prioritizes Small Holders appeared first on The Daily Hodl.