Avalanche buys back $53M of AVAX tokens from Terra’s LFG
The AVAX tokens were purchased for $100 million a month before the infamous Terra Luna collapse.
The Avalanche Foundation completed the repurchase of 1.97 million AVAX tokens from the now-defunct Luna Foundation Guard (LFG), which had acquired them to support the Terra blockchain ecosystem.
In an announcement sent to Cointelegraph, the Avalanche Foundation said it had completed the token buyback process.
While Avalanche’s filing said it would purchase the tokens at $45.5 million, the Avalanche (AVAX) token traded at $26.95 at the time of writing, making 1.97 million tokens worth about $53 million at current market prices.
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Author: Ezra Reguerra
