Hi HODLers,
The plot of next week will probably be again LUNA, UST and the reboot announced (still details to be finalized).
I honestly do not care that mich but Crypto Twitter seems to still look at it. I have seem people showing that if you bought the dip you could have 10x / 20x, etc...
Well... Have fun with that, I am not touching any of this.
What I will look at next week is the current assessment to determine:
1. How much money is left in the LFG treasury?
2. How the money that was used to "protect the PEG" has actually been used
In a recent article, we did learn a bit more on where we might be today
Reserves before the dePEG:
- 80,394 BTC, worth $3.5 billion
On the morning of May, 9th when the first depegging happened:
- LFG announced they will use $750mn with trading firms to help UST retain PEG
- 22,189 BTC (worth ~$750 million at this time) was sent from a Bitcoin address linked to LFG, to a new address. The same evening another 30,000 BTC (worth ~$930 million at the time) was also sent to this address
- Finally, a bit later the entirety of this 52,189 BTC was moved to a single account at U.S. crypto exchange Gemini, via several bitcoin transactions, according to Elliptic
How much was left in the treasury on May,10th at 1:AM UTC?
- 28,205 BTC were left in Terra’s reserves
- It was later moved to a Binance account
The question is where do we sit now and could we have some transparency on how everything was used during this mess?
First of all, I believe Do Kwon really sucked during that period of time as he went into hiding for 48 hours, just barely publishing 2 meaningless tweets of 1 sentence each.
He tweeted on Friday, that nobody from the foundation profited from all of this and that they were documented how the LFG BTC reserves were used during the deppegging event.
I have to say... I am not really confident we will get transparency from LFG or Do Kwon, but who knows; I could be wrong!
Stay safe out there and DYOR,