Avalanche Foundation to buy back nearly 2M AVAX sold to Terra in 2022
In 2022, the Avalanche Foundation sold 1.97 million AVAX worth $100 million at the time to Terra’s foundation before its collapse. It’s now buying it all back for $45.5 million.
The Avalanche Foundation is set to repurchase 1.97 million Avalanche tokens it sold to the Luna Foundation Guard (LFG) in April 2022 a month before it’s Terra blockchain ecosystem collapsed.
The Avalanche Foundation to purchase the 1.97 million AVAX tokens for $45.5 million — which are worth $57.4 million in the market — from Terraform Labs’ bankruptcy estate.
An Oct. 9 repurchase agreement and settlement filed in a Delaware Bankrupcy Court is now pending court approval, the Avalanche Foundation said in an Oct. 11 X post.
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Author: Brayden Lindrea
