Third-Party Report Released on LFG & TFL UST Peg Defense.
16 Nov 2022, 10:47
Third-Party Report Released on LFG & TFL UST Peg Defense
There has been sustained interest in what happened during the UST depegging event in May, 2022. Exactly what role did LFG, TFL, and other third parties play during the defense of the peg? How and when were the funds deployed? Was LFG’s public accounting accurate at the time?
Thanks to a technical audit report published today by experienced third-party auditing firm J.S. Held, we’re able to provide full transparency into the trading, blockchain records, and efforts of LFG and TFL to defend the price of UST between May 8th and May 12th, 2022.
The report shows that all LFG funds were spent to defend UST’s peg parity with the Dollar as declared, and that LFG’s remaining balances are the only funds remaining.
It also shows that TFL went above and beyond and spent $613M of its own capital to defend the UST peg.
Read the official announcement, including a link to the full report 👇