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Avalanche Foundation Seeks Court Approval for AVAX Token Buyback

13.10.2024 19:00 1 min. read Alexander Stefanov
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Avalanche Foundation Seeks Court Approval for AVAX Token Buyback

The Avalanche Foundation has revealed plans to buy back all AVAX tokens that were sold to the Luna Foundation Guard (LFG) before April 2022.

The buyback involves 1.97 million AVAX tokens and is pending approval from bankruptcy court.

In a social media post, the Foundation detailed that this agreement is aimed at preventing LFG from breaching the original terms governing the tokens’ usage and safeguarding AVAX from potential issues during the bankruptcy process.

By repurchasing these tokens, the Avalanche Foundation aims to bolster its asset base and enhance its ability to foster the growth of the Avalanche ecosystem.

If granted approval, the repurchase will bring 1.97 million AVAX tokens back into the Foundation’s control, further enabling it to support upcoming projects and enhance the blockchain’s functionalities.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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