tl;dr
Luna Foundation Guard (LFG), associated with Terraform Labs, has transferred its crypto holdings to a direct custody solution following a $4.5 billion settlement with the U.S. SEC. The move has raised concerns among investors due to Terraform Labs' bankruptcy protection and winding down of businesse...
Luna Foundation Guard (LFG) has shifted its crypto holdings to a direct custody solution following a settlement with the U.S. SEC by Terraform Labs. This move has raised investor concerns due to Terraform Labs' bankruptcy protection and winding down of businesses.
The $94.7 million in crypto assets, including AVAX, BNB, BTC, LUNA, and USTC, have been moved to new addresses, with LFG establishing a transparent reserve dashboard indicating a total reserve balance of $124.36 million.
Terraform Labs CEO confirmed the burning of LUNA holdings and the selling off of major projects, leading to a significant decline in the prices of crypto assets held by the company.
Behind the scenes, Terra-linked Luna Foundation Guard (LFG) has moved funds, including Bitcoin, to a direct custody solution. However, concerns linger among crypto investors as Terraform Lab is under bankruptcy protection, winding down businesses, and assets to fulfill the $4.5 billion settlement with the U.S. SEC.
LFG claims that the direct custody of assets will enhance security, with the newly established LFG Reserves Dashboard providing transparency on the reserve balance, including significant holdings in Bitcoin, AVAX, and BNB.
Terraform Labs CEO revealed the sale of major projects, triggering a decline in the prices of crypto assets held by the company, with AVAX dropping by 34% in a month, while LUNA and USTC fell over 30% and 20%, respectively.
More about Stepstone Group Inc
Stock: Stepstone Group Inc
Sector: Finance
Industry: Investment Advice
Contact: 5054857000
Current Price: $49.09
Price Change: $0.83
Change (%): 0.91%
PE Ratio: 11.21
EPS: $0.0816
Market Cap: 711631000
52-Week Range: $42.89 - $0.092
Dividend Yield: 1.07%