The Luna Foundation Guard (LFG) revealed that it had sold a significant number of tokens in its reserves when the price of UST began to drop substantially below one dollar. 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.
Beginning on May 8, LFG started converting its reserve to UST by directly executing on-chain swaps and transferring BTC to a counterparty to enable them to enter trades in large sizes and on short notice. The Foundation sold directly 26,281,671 ,USDT and 23,555,590 USDC for an aggregate 50,200,071 UST. It also transferred 52,189 BTC to trade with a counterparty, net of an excess of 5,313 BTC that they have returned, for an aggregate of 1,515,689,462 UST.