Luna Foundation Guard (LFG) burns $4.18 billion worth of LUNA to be converted into Bitcoin reserves, leading to a continuous rise in the price of LUNA.

Terra founder Do Kwon stated that the UST stablecoin's LFG Foundation has added an additional $4.18 billion to its reserves, bringing the total reserve value to approximately $15 billion.

The founder of Terra, Do Kwon, stated that the UST stablecoin's custodian, the LFG Foundation, has added an additional $4.18 billion to its reserves, bringing the total reserve value to around $15 billion.

The LFG Foundation also mentioned that due to the high demand for UST, the Curve liquidity has once again become imbalanced. The board members of the LFG Foundation voted to burn around 4.2 million LUNA tokens to mint UST for burning, sell the UST from the Curve liquidity pool, and use the funds to buy Bitcoin as a reserve.

After raising $1 billion through OTC trading for institutions and converting it into Bitcoin reserves, LUNA has seen continuous price increases. This recent move has pushed LUNA to break the $100 mark once again.

Due to such a high demand for $ust , the curve pool is unbalanced again…

LFG council members just voted on burning the 4.2m $luna left in LFG treasury.#LUNAtics

— LFG | Luna Foundation Guard (@LFG_org) March 9, 2022