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The Avalanche Foundation repurchased 52 million USD worth of AVAX tokens, ending its relationship with Terra.

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The Block
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Nov 6, 2024

The Avalanche Foundation has completed the repurchase of $52 million worth of $AVAX tokens from the $Luna Foundation Guard. This marks the end of Avalanche's relationship with the collapsed Terra blockchain. With permission from the bankruptcy court, the Avalanche Foundation repurchased 1.97 million $AVAX tokens. This repurchase aims to support the development of the Avalanche ecosystem, including funding, incubators, and community activities. Do Kwon and Terraform Labs were previously held liable for $4.47 billion in civil damages for defrauding investors.

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