September 27, 2022

Terra fund promised to compensate losses to UST holders

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Representatives of the Luna Foundation Guard (LFG), who are responsible for securing the TerraUSD (UST) stablecoin, issued a new statement. They assured that they would do their best. Their plans include compensating financial losses to the holders of the virtual asset. Representatives of the team noted that they are developing a strategy to compensate for losses incurred by coin holders due to an algorithmic failure.

The developers emphasized that they could not ignore the loss of users who were victims of a sharp drop in the rates of the Terra cryptocurrency (LUNA) and the stablecoin TerraUSD (UST) last week. The fund took responsibility for what happened, as the stablecoin lost its peg to the value of the US dollar (USD) due to the fault of the organization’s management.

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