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[Avalanche Foundation Repurchases 1.97 Million AVAX Tokens From The Bankrupt LFG, Worth Approximately US$52 Million] According To The Block, The Avalanche Foundation Has Obtained Court Approval To Repurchase 1.97 Million AVAX Tokens Purchased From The Bankrupt Luna Foundation Guard (LFG), Worth Approximately US$52 Million. The Transaction Marks The Official End Of Avalanche's Relationship With The Defunct Terra Blockchain Project. In 2022, LFG, Founded By Do Kwon, Attempted To Stabilize Its Algorithmic Stablecoin TerraUSD (UST) By Reserving Crypto Assets Including AVAX, But The Strategy Failed, Causing Violent Market Fluctuations And Implicating Many Blockchain Projects. After This Repurchase, The Avalanche Foundation Plans To Use The Funds For Ecosystem Development, Including Grants, Incubators, And Community Activities. In Addition, Do Kwon Is Still Detained In Montenegro, And Both The United States And South Korea Have Made Extradition Requests
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