The Luna Foundation Guard (LFG) has revealed that it had sold a significant number of tokens from its reserves when the price of UST began to drop substantially below the $1 benchmark. The non-profit organization’s reserves consisted of 80,394 BTC, 39,914 BNB, 26,281,671 USDT, 23,555,590 USDC, 1,973,554 AVAX, 697,344 UST, and 1,691,261 LUNA.
As of May 8, LFG started converting its reserve into UST by directly executing on-chain swaps and transferring BTC to a counterparty to be able to perform large trades. and with little notice. The foundation directly sold 26,281,671USDT and 23,555,590 USDC for a total of 50,200,071 UST. He also transferred 52,189 BTC to trade with a counterparty, with a net excess of 5,313 BTC being returned, for a total of 1,515,689,462 UST.
Source: Fx Street