The Avalanche Foundation has repurchased 1.97 million AVAX tokens from the bankrupt LFG, worth approximately $52 million
According to reports, the Avalanche Foundation has received court approval to repurchase 1.97 million AVAX tokens it had acquired from the now-bankrupt Luna Foundation Guard (LFG), valued at approximately $52 million. This transaction marks the formal end of Avalanche's relationship with the defunct Terra blockchain project.
In 2022, LFG, founded by Do Kwon, attempted to stabilize its algorithmic stablecoin TerraUSD (UST) by reserving crypto assets including AVAX but this strategy failed, causing severe market fluctuations and affecting numerous blockchain projects. After this repurchase, the Avalanche Foundation plans to use funds for ecosystem development including funding incubators and community activities.
Furthermore, Do Kwon is currently still detained in Montenegro with extradition requests submitted by both United States and South Korea.
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