The Avalanche Foundation has announced an agreement to buy back all AVAX tokens sold to the Luna Foundation Guard (LFG) before April 2022.
The buyback, totaling 1.97 million AVAX, is currently awaiting bankruptcy court approval.
In a statement shared on social media, the Avalanche Foundation detailed the move: “The Avalanche Foundation has negotiated an agreement to buy back all AVAX tokens previously sold to Luna Foundation Guard (LFG) in April 2022 and is currently awaiting bankruptcy court approval.”
The foundation stated that this action is intended to ensure that LFG does not violate the original agreement’s restrictions on the use of tokens. It is also intended to protect AVAX tokens from complications that may arise during the bankruptcy process. By repurchasing tokens, the Avalanche Foundation intends to enhance its own assets and thus enhance its ability to support the continued growth and development of the Avalanche ecosystem.
If approved, the move will return 1.97 million AVAX tokens to the foundation, enhancing its ability to support future initiatives and expand blockchain capabilities.
*This is not investment advice.
