TechFlow news — Luna Foundation Guard (LFG) has released a third-party audit report by JS Held on its official blog, covering LFG's transactions and blockchain records from May 8 to May 12, 2022.
The report shows that LFG spent approximately $2.8 billion (80,081 BTC and 49.8 million stablecoins) defending the price peg of TerraUSD (UST), consistent with LFG’s tweet on May 16, 2022. In addition, TFL (Terraform Labs) spent $613 million of its own funds to defend UST’s peg. All of LFG’s funds were used solely for defending UST’s dollar peg, and LFG’s remaining assets represent the only funds left.
"Unfortunately, although these reserves proved insufficient to withstand extreme market volatility, ultimately leading to UST de-pegging, LFG fully fulfilled its responsibilities and made every effort within its means to prevent this outcome."
To assist the audit, JS Held was granted access to on-chain wallets and the CEX trading accounts used in the peg defense, relying primarily on raw original data rather than solely on statements provided by TFL.Original link
