The Avalanche Foundation will repurchase 1.97 million AVAX tokens previously sold to the Luna Foundation.
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The Avalanche Foundation will repurchase 1.97 million AVAX tokens previously sold to the Luna Foundation.
According to Avalanche Foundation's official Twitter, an agreement has been reached to repurchase all 1.97 million AVAX tokens sold to the LUNA Foundation (LFG) in April 2022, pending approval from the bankruptcy court. This ensures that LFG will not breach the original agreement's restrictions on token usage, shields the tokens from complications related to liquidation by the bankruptcy trustee, and returns the 1.97 million AVAX to holders through the Foundation.
Navigating Web3 tides with focused insightsTechFlow News — According to Avalanche Foundation's official Twitter, an agreement has been reached to repurchase all 1.97 million AVAX tokens sold to the LUNA Foundation (LFG) in April 2022. The transaction is currently awaiting approval from the bankruptcy court. This move ensures that LFG will not breach the original agreement’s restrictions on token usage, shields the tokens from complications related to liquidation by the bankruptcy trustee, and returns the 1.97 million AVAX to holders via the Foundation.
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