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AVAX Founders Get Lucky Break: Secretly Buy Back Stolen Millions in Avalanche’s Wildest Ponzi Scheme

AltcoinsCrypto NewsFeatured Sam Rogers October 14, 2024

A illustration depicting a person holding an empty briefcase, surrounded by shattered glass shards with dollar signs floating away. A second figure in the background is seen counting money while wearing a 'bankruptcy trustee' hat and looking at a ledger book.

The Avalanche Foundation is about to pull a Houdini on 1.97M AVAX tokens sold to Luna’s favorite charity, the LFG (Luna Foundation Guard). In April ’22, they parted with their prized possessions for $100 million worth of USTC (TerraClassicUSD), only to watch it all go up in flames when Terra imploded like a poorly made DeFi Ponzi scheme. Fast forward to today and the Avalanche people are trying to offload these worthless tokens back onto themselves at 42% less than what they initially paid for them – because, you know, market value is overrated… said no one ever.

Source: cointelegraph

Avalanche Foundation to buy back nearly 2M AVAX sold to Terra in 2022
https://cointelegraph.com/news/avalanche-repurchase-2-million-avax-terra-luna-foundation
The Avalanche Foundation plans to repurchase 1.97 million Avalanche tokens it sold to the Luna Foundation Guard (LFG) in April 2022, a month before the Terra blockchain ecosystem collapsed. The foundation will buy the 1.97 million Avalanche (AVAX) tokens from Terraform Labs’ bankruptcy estate for $45.5 million, though the tokens are currently valued at $57.4 million on the market. An Oct. 9 repurchase agreement and settlement filed in a Delaware […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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