News/Avalanche Loses $60M in Terra's Crash

Avalanche Loses $60M in Terra's Crash

May 23,2022,09:21
In an interview with Forbes, Avalanche's founder responded that Avalanche lost approximately $60 million in the Terra crash. Previously, the Avalanche Foundation, a non-profit organization behind the Avalanche protocol, partnered with Terraform Labs. As part of the partnership, the Luna Foundation Guard (LFG), a non-profit firm backing the Terra blockchain, purchased $100 million worth of $AVAX to add to its $UST reserve. Some amount of $AVAX was swapped for Terra’s native coins, $UST and $LUNA. And the total investment from Avalanche Foundation amounts to $60 million at the current price of $AVAX.
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