UST Crashes From Peg Again, Luna Foundation Guard Seeks Funding

The Luna Foundation Guard (LFG) has been fighting to save its embattled UST stablecoin, which has again fallen out of favour with the dollar. If the enormous crypto market crash wasn’t horrible enough, the collapse of the world’s third-largest stablecoin ecosystem has only added to the fire. The Luna Foundation Guard, a Singapore-based non-profit that maintains the Terra network, has been reaching out to investors to obtain funding to save the beleaguered stablecoin. #Markets #DoKwon #LunaFoundationGuard #LUNANews Luna Foundation Guard Seeks Funding as UST Crashes From Peg Again https://t.co/j6HrYVQweH pic.twitter.com/ptIrNdkVRv — bit.trail (@roccodallas) May 11, 2022 The LFG aims to raise more than $1 billion to collateralize the UST stablecoin. The move is unsurprising given that the stablecoin has decoupled from the US dollar, falling below $0.70 twice this week. Kwon Do, the founder and CEO of Terraform Labs, has remained silent about the debacle, and the funding has yet to be confirmed. His most recent Twitter message at the time of writing was cryptic: Getting close … stay strong, lunatics — Do Kwon 🌕 (@stablekwon) May 10, 2022 A few hours ago, this came after a tweet that stated, “Close to unveiling a $UST recovery plan.” “Hold on tight.” On May 10, the Luna team issued some clarifications in response to the flood of misinformation that has swept the mainstream media. There will be no “death spiral” if the UST market c...