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.
US Department of Justice Issues Statement on Bitfinex Hack That Stole Billions of Dollars of Bitcoin
Jito Labs records $78.9 million in monthly fees for October, doubling its previous record set in May