Avalanche Buys Back Its Tokens From Terra Luna
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The Avalanche Foundation is preparing to buy back nearly 2 million AVAX tokens sold to Terra just before its collapse in 2022. This transaction, pending approval from a bankruptcy court, marks a new chapter in the turbulent history of the crypto market.
A transaction under the sign of caution
The initial sale of AVAX to Terra dates back to April 2022, when the Avalanche Foundation ceded 1.97 million tokens for $100 million to the Luna Foundation Guard (LFG).
This transaction was intended to strengthen the reserves of the algorithmic stablecoin TerraUSD. However, the…
