{"id":12782,"date":"2022-11-16T14:57:24","date_gmt":"2022-11-16T14:57:24","guid":{"rendered":"https:\/\/freakcryptos.com\/index.php\/2022\/11\/16\/terras-luna-foundation-guard-releases-audit-report-do-kwon-responds\/"},"modified":"2022-11-16T14:57:24","modified_gmt":"2022-11-16T14:57:24","slug":"terras-luna-foundation-guard-releases-audit-report-do-kwon-responds","status":"publish","type":"post","link":"https:\/\/freakcryptos.com\/index.php\/2022\/11\/16\/terras-luna-foundation-guard-releases-audit-report-do-kwon-responds\/","title":{"rendered":"Terra&#8217;s Luna Foundation Guard Releases Audit Report, Do Kwon Responds"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>\n<iframe loading=\"lazy\" src=\"https:\/\/coingape.com\/terra-luna-foundation-guard-releases-audit-report-do-kwon\/about:blank\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\" data-rocket-lazyload=\"fitvidscompatible\" data-lazy-src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\"><br \/>\n<\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\"><br \/>\n<\/iframe><\/noscript>\n<\/p>\n<p>The Luna Foundation Guard (LFG), nonprofit managing UST algorithmic <a href=\"https:\/\/coingape.com\/glossary\/stablecoins-2\/\" target=\"_blank\" rel=\"noopener\">stablecoin<\/a>, has launched a technical audit to offer full transparency into property and efforts to repeg TerraUSD (UST) in May. LFG goals to reply all allegations together with misappropriated funds, insiders, holdings funds in different wallets, and funds frozen. The report claims LFG and TFL used virtually $3.4 billion to defend the UST peg.<\/p>\n<h2>LFG Spent $2.8 Billion to Defend UST Peg<\/h2>\n<p>The Luna Foundation Guard in a <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/LFG_org\/status\/1592821980772061184\" target=\"_blank\">tweet<\/a> on November 16 disclosed a technical audit report by third-party auditing agency JS Held. According to the audit report, LFG spent virtually $2.8 billion between May 8-12 to defend TerraUSD\u2019s (UST) peg. This consists of 80,081 BTC and 49.8 million in stablecoins.<\/p>\n<p>Moreover, Terraform Labs spend an extra $613 million to defend the peg. The report claims LFG spent all funds to stop UST from dropping its peg, with remaining balances being the one funds remaining.<\/p>\n<p>LFG was the second-largest holder of Bitcoin and deliberate to extend its <a href=\"https:\/\/coingape.com\/terra-foundation-aims-to-bring-ust-bitcoin-reserve-to-10-billion\/\" target=\"_blank\" rel=\"noopener\">Bitcoin reserves to $10 billion<\/a>. Unfortunately, almost $2.5 billion plummeted immediately and didn&#8217;t defend the UST peg amid excessive market volatility. It made a $60 billion affect on the lives of crypto traders.<\/p>\n<p>Moreover, the Luna Foundation Guard additionally goals to reply allegations in opposition to it. It asserts no LFG funds had been misappropriated, used to profit insiders, or saved in different secret wallets. Also, all LFG are saved in self-hosted wallets and haven&#8217;t moved since May 16.<\/p>\n<p>Terra founder Do Kwon claims the Terra case is completely different from different crypto failures. He additionally cited the <a href=\"https:\/\/coingape.com\/ftx-announces-chapter-11-bankruptcy-crypto-market-down\/\" target=\"_blank\" rel=\"noopener\">failure of FTX<\/a> the place its operators misused buyer funds for monetary acquire.<\/p>\n<blockquote>\n<p>\u201cWhile there have been multiple recent failures in crypto, it is important to distinguish between Terra\u2019s case, where a transparent, open-source decentralized stablecoin failed to maintain peg parity and its creators spent proprietary capital to try to defend it.\u201d<\/p>\n<\/blockquote>\n<p>Some consider LFG and TFL should be audited by huge 4 auditing companies contemplating the scale elements. Do Kwon <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/stablekwon\/status\/1592841279477805058\" target=\"_blank\">replied<\/a> that the scale isn&#8217;t huge now.<\/p>\n<h2>Terra Tokens Saw Increased Volume<\/h2>\n<p>Terra tokens together with LUNA, LUNC, and USTC (beforehand UST) recorded elevated buying and selling quantity. LUNA worth is buying and selling at $1.66, down over 1% within the final 24 hours. Meanwhile, <a href=\"https:\/\/coingape.com\/tag\/terra-classic\" target=\"_blank\" rel=\"noopener\">Terra Classic<\/a> (LUNC) and USTC noticed over 3% and 1% leap, respectively. Terra Classic is buying and selling at $0.00017<\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA127541\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<p>\nVarinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is presently overlaying all the newest updates and developments within the crypto trade.\n<\/p>\n<\/div>\n<div class=\"author_Image\">\n<img loading=\"lazy\" decoding=\"async\" alt=\"\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\"\/><noscript><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\"\/><\/noscript> <\/div>\n<\/div>\n<\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD127541\">\n<p> The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn&#8217;t maintain any accountability to your private monetary loss.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/coingape.com\/terra-luna-foundation-guard-releases-audit-report-do-kwon\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Luna Foundation Guard (LFG), nonprofit managing UST algorithmic stablecoin, has launched a technical audit to offer full transparency into property and efforts to repeg TerraUSD (UST) in May. LFG goals to reply all allegations together with misappropriated funds, insiders, holdings funds in different wallets, and funds frozen. The report claims LFG and TFL used [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[4009,607,854,659,27,1037,739,950,201],"class_list":{"0":"post-12782","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoin","8":"tag-audit","9":"tag-foundation","10":"tag-guard","11":"tag-kwon","12":"tag-luna","13":"tag-releases","14":"tag-report","15":"tag-responds","16":"tag-terras"},"_links":{"self":[{"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/posts\/12782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/comments?post=12782"}],"version-history":[{"count":1,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/posts\/12782\/revisions"}],"predecessor-version":[{"id":12783,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/posts\/12782\/revisions\/12783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/media\/912"}],"wp:attachment":[{"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/media?parent=12782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/categories?post=12782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freakcryptos.com\/index.php\/wp-json\/wp\/v2\/tags?post=12782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}