Summary
Terraform Labs’ non-profit organization LFG announces methods to secure its crypto holdings after making a $4.7 billion settlement with the SEC.
Introduction
The Luna Foundation Guard (LFG), the non-profit entity of Terraform Labs, has decided to move its crypto holdings to a direct custody solution for enhanced security measures following a recent legal battle settlement with the SEC.
Main Points
Terraform Labs and its founder faced SEC fraud allegations and settled for $4.7 billion to resolve the charges, negatively impacting market sentiment. The company plans to sell off projects to pay off fines and wind down operations. LFG disclosed its crypto holdings, including BTC, AVAX, UST, BNB, and LUNA, with recent large transfers and token removals affecting prices.
Conclusion
Despite the setbacks from the SEC settlement, Terraform Labs is taking steps to safeguard its crypto assets through LFG’s custody solution. The organization is managing its holdings transparently while dealing with the aftermath of the legal dispute and potential business closures.
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