CandleFocus Avalanche Foundation Buys $52 Million Worth of AVAX Tokens from Defunct Luna Foundation Guard
2024-11-07
Author: Content Editor
The Avalanche Foundation has completed the purchase of AVAX tokens from the Luna Foundation Guard (LFG), a move aimed at preventing a death spiral similar to what happened with the failed algorithmic stablecoin TerraUSD. The LFG was created by Terraform Labs creator Do KWON and had previously bought $100 million worth of AVAX tokens and $200 million worth of UST and LUNA tokens. The Avalanche Foundation recently received a buyback permit from a bankruptcy court, allowing it to buy back 1.97 million AVAX tokens. The funds will be used to support grants, incubators, and events for community and technology development.
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