Luna Foundation Guard (LFG), affiliated with Terraform Labs, announced that it has taken an important step to increase the security of crypto assets. This decision was announced to the public on various platforms on June 25 and is considered as part of the company's strategy to protect its assets in the face of its ongoing legal and financial difficulties.
Effects of SEC Settlement
Terraform Labs has entered into a restructuring process to fulfill the financial obligations required by its agreement with the US SEC. In this context, Terraform Labs and its founder Do Kwon will have to pay a high penalty of $4.5 billion. With the introduction of direct custody solutions, the security of assets such as AVAX, BNB, BTC, LUNA and USTC will be increased.
Asset Transfers and Security Improvements
LFG took a proactive approach to transferring significant crypto assets to new and secure wallets. Recent transfers include $94.7 million worth of cryptocurrency. These transfers include 1.974 million AVAX worth $71.19 million and 39,499 BNB worth $23.5 million. One of the goals of these steps is to reduce risks and ensure asset security.
Reserve Panels and Transparency
LFG introduced LFG Reserve Panels to maintain transparency. This platform enables stakeholders to track assets in wallets connected to LFG. Currently, the total reserve balance is reported as $124.36 million, of which Bitcoin assets alone comprise $19.13 million. Additionally, there is AVAX worth $49.71 million and BNB worth $32.87 million.
Effects on Terra Ecosystem
Terraform Labs CEO Chris Amani confirmed that LUNA assets held in wallets belonging to TFL and LFG were burned. This step is in line with the Terra Luna Classic community's strategy to burn LUNC and USTC assets, aiming to stabilize and increase the value of the remaining tokens.
Challenging Times for Terraform Labs
Following the agreement with the SEC, Terraform Labs offered many of its products such as Pulsar Finance, Station Wallet and Enterprise Protocol. This step aims to fulfill financial obligations and simplify operations.
The Decline in Cryptocurrency Values
There has been a significant decline in the value of crypto assets held by Terraform Labs and LFG. For example, last month AVAX lost 34%, LUNA lost 30%, and USTC lost more than 20%. These fluctuations are due to possible sales concerns and general market sentiment.
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