Avalanche

The Avalanche Foundation plans to buy back its tokens from the Terra Foundation. In April 2022, Terraform Labs, through Luna Foundation Guard (LFG), purchased 1.97 million Avalanche (AVAX) tokens worth $100 million. Shortly after its purchase, the firm collapsed and announced its bankruptcy.According to an official announcement, the foundation is awaiting <a href="https://document.epiq11.com/document/getdocumentsbydocket/?docketId&#61;1116835&amp;projectCode&#61;TEF&amp;docketNumber&#61;774&amp;source&#61;DM" rel="noopener noreferrer nofollow">approval</a> from the Bankruptcy Court. Earlier this month, Avalanche filed a repurchase agreement and settlement at the Delaware Bankruptcy Court.The legal team stated that this move would ensure that the LFG would not violate the tokens&#39; use and avoid complications while returning them to the Avalanche holdings. Interestingly, the 1.97 million tokens that were sold for $100 million will be bought back for $45.5 million, marking a 42% drastic fall. At the time of writing, the market value of the <a href="https://cryptotale.org/avax-dot-show-positive-signs-as-patterns-point-to-reversals/" rel="noopener noreferrer nofollow">AVAX</a> tokens is $57.4 million.Terraform Labs stated that the agreement would reduce litigation costs and deplete lesser assets for distribution to creditors. It also added that the firm would recover an amount closer to the market value of 1.97 million Avalanche tokens. The settlement amount was confirmed based on the volume-weighted average price of the tokens, taken over a week in early August 2024.<a href="https://cryptotale.org/avalanche-foundation-to-get-back-nearly-2m-avax-from-terra/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Avalanche Foundation to Get Back Nearly 2M AVAX from Terra

CryptoTale

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