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A third-party audit has revealed that the Luna Foundation Guard spent $2.8 billion to defend the peg of the algorithmic stablecoin TerraUSD (UST). Audit Findings As per the details from a third-party audit by JS Held, a Jericho, New York, based consultancy firm, Luna Foundation Guard (LFG) has spent $2.8 billion defending the LFG spent $2.8 billion in crypto over the course of five days, from the 8th to the 12th of May, to defend the peg of algorithmic stablecoin TerraUSD (UST). According to a third-party audit Luna Foundation Guard (LFG), a non-profit created in January to grow the Terra ecosystem, has published an audit stating that it spent $2.8 billion in bitcoin and The audit found that LFG spent 80,081 Bitcoin (BTC) and $49.8 million in stablecoins (about $2.8 billion at the time) to defend the UST peg. JS Held, an experienced third-party auditing firm, was hired to conduct a technical audit providing full transparency into the trading, blockchain records, and efforts of Luna Foundation Guard (LFG), the entity behind the collapsed Terra ecosystem, spent $2.8 billion of crypto trying to defend the peg of algorithmic stablecoin

Luna Foundation Guard Utilized $2.8B to Defend UST Peg: Audit Finds

A recent audit reveals the extent to which the Luna Foundation Guard (LFG) attempted to save the TerraUSD (UST) peg. A third-party audit has revealed that the Luna Foundation Guard spent $2.8 billion to defend the peg of the algorithmic stablecoin TerraUSD (UST). This detailed examination sheds light on the efforts made in the days leading up to the collapse of the Terra ecosystem.

Audit Findings: The $2.8 Billion Attempt to Save UST

As per the details from a third-party audit by JS Held, a Jericho, New York, based consultancy firm, Luna Foundation Guard (LFG) has spent $2.8 billion defending the LFG spent $2.8 billion in crypto over the course of five days, from the 8th to the 12th of May, to defend the peg of algorithmic stablecoin TerraUSD (UST). The audit specifically details the assets used and the timing of these transactions.

According to a third-party audit Luna Foundation Guard (LFG), a non-profit created in January to grow the Terra ecosystem, has published an audit stating that it spent $2.8 billion in bitcoin and other assets trying to maintain UST's value. The hope was to stabilize the algorithmic stablecoin and prevent the catastrophic de-pegging event that ultimately occurred.

Breakdown of LFG's $2.8 Billion Spending

The audit found that LFG spent 80,081 Bitcoin (BTC) and $49.8 million in stablecoins (about $2.8 billion at the time) to defend the UST peg. This significant expenditure ultimately proved insufficient to prevent UST's collapse.

JS Held Audit Provides Transparency

JS Held, an experienced third-party auditing firm, was hired to conduct a technical audit providing full transparency into the trading, blockchain records, and efforts of Luna Foundation Guard (LFG), the entity behind the collapsed Terra ecosystem, spent $2.8 billion of crypto trying to defend the peg of algorithmic stablecoin. This audit aims to provide clarity on LFG's actions during the critical period and help stakeholders understand the events that led to the Terra ecosystem's demise.

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