Onchain Data Shows Terra"s Luna Foundation Continues to Stack Bitcoin
This week there’s been a lot of talk about Terra’s Luna Foundation purchasing bitcoin to hold in its reserves pool. Onchain data shows the organization’s wallet has transferred at least three tranches of tether worth $125 million each. Furthermore, reports show that the Luna Foundation has confirmed the recent bitcoin purchases. Onchain Data Indicates Terra’s Luna Foundation Has Sent 3 Tranches of Tether to Purchase Bitcoin, Foundation Confirms Bitcoin Address
Two days ago, Bitcoin.com News reported on Terra’s founder Do Kwon discussing how he looks forward to building with bitcoin. In the report, accounts and onchain data showed that $125 million in tether (USDT) was transferred from a wallet that reportedly stems from Terra’s Luna Foundation.
The wallet is a Gnosis safe address and it holds $1.39 billion in ERC20-based stablecoins like tether (USDT) and usd coin (USDC). After the first transfer of $125 million in tether two days ago, there’s been two more transactions of the same amount. On March 23, $125 million in tether was moved and then the following day $124.9 million in USDT was transferred.
While speculation over the purchases has been circulating wildly on social media and forums, Bitcoin Magazine’s official Twitter account tweeted on March 23: “Luna Foundation confirms 6,000 bitcoin purchase worth $250 million to back its UST stablecoin.” Tweet from Bitcoin Magazine on March 23, 2022, that notes the Luna Foundation has confirmed the bitcoin reserve wallet address.
Additionally, the Twitter account left a Blockchair explorer PDF document that shows the Luna Foundation’s BTC address. The Twitter account further added that “the 5,934 bitcoin – purchased today and yesterday – will be wrapped on Cosmos and deposited in smart contracts supporting the algorithmic stablecoin.”
Blockchair’s blockchain explorer shows the wallet currently holds 18,423 BTC worth $788.5 million. The last transaction it received was for 440 BTC, but it’s also received transactions of around 1,499, 999, 469, 498, 499, 500, and 501 BTC first received on March 23, 2022.
The transactions were sent with no privacy tactics as Blockchair’s privacy-o-meter tool gives most of the transactions a privacy score of “critical” or 0. The last transaction stemming from the wallet had three critical issues tied to the privacy of the transaction and one privacy vulnerability was “matched addresses.”
At the time of writing, the Terra-owned Gnosis safe address still has $999.35 million worth of tether (USDT) and $397.23 million worth of usd coin (USDC). Tags in this story $125 Million, $125 million in tether, $3 Billion, Bitcoin, Bitcoin Magazine tweet, Blockchair explorer, Blockchair’s Privacy-o-meter, BTC, collateral, do kwon, Gnosis safe address, LUNA, reported BTC purchase, Terra, terra (LUNA), Terra"s Luna Foundation, terraform labs, Tether, UST
What do you think about the reports and data showing Terra’s Luna Foundation purchasing large amounts of bitcoin for reserves? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Russia May Accept Bitcoin for Gas Exports, Lawmaker Says NEWS | 1 hour ago Crypto Pyramid Busted in Russia, Losses Exceed $10 Million NEWS | 2 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase Now Allows Cardano Staking Services, Firm ‘Plans to Continue to Scale Staking Portfolio’ Next articleBiggest Movers: DOGE, ADA Nearly 10% Higher, as AXS Leads Today’s Gainers Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report
India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.Binance Explores Acquisition of Brazilian Securities Brokerage Firm Aptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program