Terra Founder: LFG Does Not Intend to Exit Bitcoin Positions, the Goal Is to Let Professional Market Makers Control the Funds

Terra founder Do Kwon tweeted that the LFG Council just voted to deploy $1.5 billion in funding ($750 million in BTC and $750 million in UST) to ease market concerns around UST.

Do Kwon further added to this: First, LFG does not intend to exit itsBTC -0.34%-news/"> Bitcoin position. The goal is to put these funds in the hands of professional market makers in order to: 1. Buy BTC if price = peg, thereby significantly enhancing liquidity around the UST peg.

Earlier, LFG tweeted that the LFG Council has voted to implement the following measures:

1. Lending $750 million worth of BTC to OTC trading firms to help secure the UST peg.
2. 2. Lending $750 million in UST to accumulate BTC when market conditions normalize.