Terra Classic

<ul><li>Terraform Labs’ CEO has blamed a lawsuit against the company for the delay in repayment to victims.</li><li>The lawsuit was filed last year following the dramatic collapse of Terra and associated cryptocurrencies.</li><li>CEO Chris Amani accused a high-profile whistleblower of making false accusations against the defunct crypto firm.</li></ul>Chris Amani, the newly appointed Chief Executive of Terraform Labs, stated recently that the delay in repayment to the victims of the Terra Luna crash was due to a lawsuit filed against his company. The lawsuit in question was filed in June last year following the dramatic collapse of Terraform Labs and associated cryptocurrencies like UST and LUNA, which wiped $40 billion from the global crypto market.Terraform Labs CEO Chris Amani took to Twitter earlier today to address the community’s questions regarding repayments:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/87e1b75a546d404c959f7e954d9c5aac.png" />When Terra’s UST stablecoin lost its peg to the US Dollar in May last year, the firm <a href="https://twitter.com/LFG_org/status/1526126704908828674" rel="noopener noreferrer nofollow">used</a> the 80,394 BTC held in the Luna Foundation Guard (LFG) to buy up massive amounts of UST in a bid to stabilize its price and restore its peg. LFG burned through nearly 80,000 BTC, purchasing UST and the LUNA token. However, all attempts to save UST were futile as the stablecoin eventually crashed.When the dust settled, just 313 BTC remained in the LFG’s reserves, along with 39,914 BNB, 1.9 million AVAX, 1.8 billion UST, and 222 million LUNA. On May 16, 2022, LFG stated that the remaining funds would be used to compensate UST users, starting with the smallest holders. To date, UST holders and other victims haven’t received any funds from the LFG.Read full article at <a href="https://cryptotale.org/lawsuit-against-terraform-labs-prevents-repayment-for-victims-says-ceo/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Lawsuit Against Terraform Labs Prevents Repayment For Victims, Says CEO

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