Avalanche Buys Back $52 million AVAX Tokens from Luna Foundation
2024-11-06 22:15:51
Avalanche foundation granted court approval luna foundation guard repurchasedesk3cryptocurrencydesktopCrypto News
The Avalanche Foundation has received court approval to buy back approximately $52 million worth of AVAX tokens from the defunct Luna Foundation Guard, formally ending its relationship with Project Terra. The AVAX tokens will be used to support the growth of the Avalanche ecosystem, including project funding and community development. The collapse of the Luna Foundation, which was founded by Do Kwon to support the TerraUSD stablecoin, triggered a ripple effect in the market.
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