A new audit report revealed that the two entities behind the Terra ecosystem, LFG and TFL – collectively spent more than $3.4 billion between May 8th-12th, 2022, to defend the peg of the fallen stablecoin.
The main objective of the audit was to bring “transparency” into the peg defense activity and dispel reports of fund misappropriation, embezzlement, and theft.
Technical Audit Report
Luna Foundation Guard (LFG) – a fund focused on the Terra ecosystem, revealed spending $2.8 billion (80,081 BTC and 49.8 million stablecoins) to defend the UST peg. A newly published technical audit was conducted by a third-party auditing firm, JS Held.
The report further stated the Terra developer – Terraform Labs (TFL), spent over $613 million of its proprietary capital on TerraUSD’s peg defense. The paper also noted that LFG was 100% funded by donations from the former to develop “exogenous” reserves for Terra stablecoins.
However, those reserves failed to help extreme market volatilit
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