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Gungun Bhatia
Oct 8, 2022
by Gungun Bhatia

Luna Foundation Guard (LFG) Delays Compensation Attempts

Luna Foundation Guard

Table of contents

  1. LFG Unable To Disperse Remaining Funds
  2. No Specific Deadline For Settlement
  3. Lawsuit Against South Korean Terra Collaborators
The Luna Foundation Guard (LFG) has committed to pursuing measures to compensate for users' losses since the breakdown of the algorithmic stablecoin TerraUSD, which spectacularly lost balance with the U.S. dollar earlier this year.

LFG Unable To Disperse Remaining Funds

No Specific Deadline For Settlement

According to the fund, distribution is not yet feasible. The company stated that there is no specific deadline for settlement while these issues are outstanding. The documents noted that the total reserve balance of the Luna Foundation Guard is currently slightly over $105 million, down from its previous value of over $60 billion following the collapse of TerraUSD.

Crypto Twitter users who responded to the statement slammed both - the fund for delaying the payment of compensation and Terra co-founder Do Kwon for his claimed role in the failure.

Lawsuit Against South Korean Terra Collaborators

In South Korea, Do Kwon and Terra collaborators are actively being investigated since the ecosystem's collapse. Kwon's name was added to Interpol's Red Notice list in September after a South Korean court issued an arrest order against him. Additionally, Yoo Mo was arrested in South Korea on October 5 after prosecutors obtained an arrest order for him. Kwon was given a deadline of October 20 by the South Korean Ministry of Foreign Affairs to surrender his passport or face the possibility of it being revoked and not being granted again.

Follow us on: News
stablecoin Do Kwon TerraUSD Yoo Mo Luna Foundation Guard (LFG)
Luna Foundation Guard (LFG) Delays Compensation Attempts
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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