Luna Foundation Guard Unable To Collateralize UST Stablecoin
As if being in a bear market wasn&39t bad enough, the collapse of the world&39s third-biggest stablecoin ecosystem has surely made matters even worse.
The Luna Foundation Guard (LFG), a Singapore-based non-profit which maintains the Terra network, has reportedly been reaching out to investors in the hopes of obtaining funding to shore up the troubled stablecoin.
The LFG hopes to generate over $1 billion in order to collateralize the UST stablecoin. Do Kwon, the founder and CEO of Terraform Labs, has mostly remained silent about the whole thing, and the aforementioned funding has yet to be confirmed.
Although the CEO has promised to make things right, it may infact be too late as numerous investors have already lost faith in Terra and UST and even Binance has stated that LUNA and UST withdrawals have since been suspended due to network congestion.
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