LFG member Remi Tetot breaks silence, LFG explains the process of rescue: priority compensation for small wallets, ecosystem builders, and stakers

The foundation LFG, which holds a large amount of Bitcoin to stabilize UST, has finally broken its silence. However, the statement did not come from the official account, but was issued by Remi Tetot, a member of the LFG governance council.

LFG Foundation Speaks Out

Following Remi Tetot's revelation, the LGF Foundation announced that as of 5/7, their reserve assets include:

· 80,394 BTC
· 39,914 BNB
· 26,281,671 USDT
· 23,555,590 USDC
· 1,973,554 AVAX
· 697,344 UST
· 1,691,261 LUNA

After the untethering on 5/8, the foundation began converting reserves to UST. The LGF Foundation conducted on-chain exchanges and engaged in direct trades with counterparties for large transactions. In summary, LFG sold 26,281,671 USDT and 23,555,590 USDC to purchase a total of 50,200,071 UST. They also traded 52,189 BTC to counterparties, offsetting 5,313 BTC returned by the counterparties, resulting in a total purchase of 1,515,689,462 UST.

On 5/10, when UST dropped to 0.75, based on the key service rules of the protocol, the foundation intervened again: selling 33,206 BTC to acquire 1,164,018,521 UST.

Currently, the LGF Foundation retains:

· 313 BTC
· 39,914 BNB
· 1,973,554 AVAX
· 1,847,079,725 UST
· 222,713,007 LUNA, of which 221,021,746 are used for staking verification

All assets will return to this wallet, with compensation prioritizing small holders.

The Block's Research Director Larry compiled the following table and stated: In summary, LFG went from having a $3.1 billion reserve to just $87 million remaining. In other words, they spent nearly $3 billion and still could not prevent the collapse of UST.