LFG just confirmed they have sold most of their BTC reserve (80K BTC) and still couldn’t defend the peg. They only have 313 BTC left in their reserve.

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

Consistent with its non-profit mission & focus on the health of the Terra ecosystem, beginning on May 8, when the price of $UST began to drop substantially below one dollar, the Foundation began converting this reserve to $UST.

The Foundation did so by directly executing on-chain swaps and transferring $BTC to a counterparty to enable them to enter trades with the Foundation in large size & on short notice.

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

On May 10, when $UST had fallen to $0.75, pursuant to a Master Services Agreement dated January 10, 2022 through which TFL managed & executed all finance, administrative & operational functions & support as requested,

TFL, on behalf of the Foundation, executed the following exchange trades in a last ditch effort to defend the peg:

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)

Source: https://twitter.com/lfg_org/status/1526126703046582272?s=21&t=-pwGGmLMxTgv72q334x7Pg