Avalanche Recovers 1.9 Million Tokens from Luna Wreckage: Price Moves!
Avalanche Foundation has reached an agreement to buy back tokens sold to Luna Foundation Guard (LFG).
The Terra (LUNA) crash had a profound impact on the cryptocurrency sector in 2022. While many projects were destroyed under this debris, large amounts of assets of large projects were also trapped.
According to the statement made by the Avalanche Foundation, an agreement has been reached to buy back all AVAX tokens sold to Luna Foundation Guard (LFG) before April 2022.
It was noted that approval from the bankruptcy court is awaited at the final stage. When the foundation receives the return of 1.9 million AVAX, it will continue to hold them in its own wallets and use them for ecosystem developments when necessary.
This action returns 1.97 million AVAX to the Foundation’s assets, while ensuring that LFG will not violate the restrictions of the original agreement regarding token use and protecting the tokens from the complexities of a bankruptcy trustee liquidation. This further enhances the Foundation’s ability to support the ongoing growth and development of the Avalanche ecosystem.