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According to Terra Backer, legal disputes prevent cryptocurrency payouts to UST holders

The Luna Foundation Guard (LFG) is providing an explanation for why it hasn’t repaid small TerraUSD holders (UST).

Since the de-peg of the UST in May, there has been natural interest in the assets of LFG and the distribution of those assets. The distribution of LFG’s remaining assets to individuals affected by the de-peg, starting with the smallest investors, is our aim, as previously stated.

The LFG, a nonprofit group established to sustain the Terra (LUNA) ecosystem, claims that current legal disputes have made keeping that guarantee for the time being impossible.

Distribution is currently not feasible owing to pending and potential legal action. There can be no deadline set for settlement while these issues are still open.

“The Foundation seeks to use its remaining assets, starting with the smallest holders, to recompense remaining UST users. Updates will come soon. We are presently debating alternative distribution strategies.

Back in May, around a week after the stablecoin crashed, the organisation first committed to using its remaining holdings to reimburse tiny UST investors.

The LFG said it still wants to pay back UST holders despite receiving some criticism on Twitter for not distributing the monies.

“Continued distribution of LFG’s residual assets to small UST holders is our aim. We won’t stop fighting for our capacity to carry out these early ideas, and those who are watching will be the first to learn of any updates.

News Summary:

  • According to Terra Backer, legal disputes prevent cryptocurrency payouts to UST holders
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