Avalanche Has Lost $60M on its Terra Investments
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Non-profit Avalanche Foundation has lost $60 million due to the collapse of the Terra ecosystem, Avalanche founder and Ava Labs CEO Emin Gun Sirer has told Forbes.

According to Sirer, the Avalanche Foundation has worked closely with Terraform Labs. He has explained the companies' partnership was aimed at increasing the interoperability of the two blockchains.

As part of the joint work, Luna Foundation Guard (LFG) and Terraform Labs (TFL) invested $200 million in AVAX, the former acquired tokens in an OTC transaction for UST, the latter exchanged them for the LUNA crypto. The assets were supposed to be used to stabilize the price of TerraUSD.

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The Ava Labs CEO has highlighted that the Avalanche Foundation also invested around $60 million in the Terra ecosystem at the current AVAX price.

Sirer has also said that TFL and LFG continue to retain AVAX:

"We talked to them, they didn't abandon AVAX even in their time of need, so it's currently the most valuable thing they own. A significant percentage of the tokens are virtually locked up, so they can't move them."

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