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1/ The LFG Council just voted to deploy 1.5B in capital (0.75B in BTC, 0.75B in UST) to allay market concerns around UST. Some more context on why and how:

Quote Tweet

LFG | Luna Foundation Guard

@LFG_org

· May 9

1/ Over the past several days, market volatility across crypto assets has been significant. The market turmoil is also reflected by the past week's uncertain macro conditions across legacy asset classes.

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TradingPlaces

@TradingPlaces18

May 9

So to $750 million BTC will be sold at market to support the peg as needed?

Do Kwon

@stablekwon

Replying to

@TradingPlaces18

It may, if UST contracts from here Or LFG will buy more BTC if UST expands from here, which we think is the more likely outcome Either way, this action is clearly mandate for LFG

5:30 AM · May 9, 2022Twitter Web App

Replying to

Mandate for LFG, but a big risk for the market when it just broke support.

molland.

@mollandOT

May 9

BTC often has >$20b of total volume per day, $750m is peanuts. Also LFG has no obligation to defend your arbitrary support levels.

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and

dump on the whole market to support ust,, got it

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and

I feel like Bitcoin is there to be used.. so use it! (And as an added bonus for us hodlers, the sell pressure makes sats more affordable. 👍 )

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and

Have you begun selling ?

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and

pump and dump in top 10.... lol next xrp

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and

This Mfer will Crash the whole Thing 🙄

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and

Knew this scam was a threat to Bitcoin short term. Bitcoin will recover anyway

😂

Replying to

But the BTC is already gone right? Whomever you loaned it to only has an obligation to pay you back the BTC at a set time, so they could have immediately dumped the BTC to just buy back at lower prices ahead of the repayment date, yes? Or were restrictions part of the loan deal?

Smart Stake

@SmartStake

May 9

Read the thread. It's a market making service (think of a contractor hired to do job). They only trade when the UST market conditions are met as per Do's tweet

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