Terra"s Luna Foundation Scoops up 4,130 Bitcoin Worth $176 Million
On Sunday, April 10, 2022, the Terra (LUNA) project and Luna Foundation Gaurd (LFG) acquired 4,130 bitcoin worth $176.1 million at the time of settlement. Using today’s bitcoin exchange rates, LFG now has a total of 39,897.98 bitcoin worth $1.7 billion. Luna Foundation Gaurd Obtains $176 Million in Bitcoin for the UST Decentralized Forex Reserve
Two days ago, the Luna Foundation Gaurd (LFG) announced a partnership with the Avalanche Foundation and disclosed it would be purchasing $100 million worth of avalanche (AVAX) in an over-the-counter (OTC) exchange. The $100 million in AVAX is meant to diversify the reserves held for the project’s UST Decentralized Forex Reserve. Terrausd or UST is Terra’s (LUNA) algorithmic stablecoin and LFG has also been backing the forex reserve with bitcoin (BTC).
Four days ago, on April 6, LFG acquired 5,040 bitcoin (BTC) which pushed the stash up to 35,767.98 bitcoin. Today, on April 10, LFG obtained another large amount of BTC as it deposited 4,130 bitcoin worth $176.1 million into LFG’s bitcoin wallet. The first transaction was 1,482 BTC, the second was 492 BTC, the third transfer was 1,174.99 BTC, and the final transaction sent to the LFG wallet was 981 BTC. In addition to the large bitcoin deposits stemming from Terra’s purchases, the address receives a myriad of BTC dust transfers on a daily basis. LFG Now Holds $1.7 Billion in Bitcoin Reserves
Before the LFG bitcoin wallet saw those deposits, the Singapore non-profits Gnosis safe address withdrew 183,515,000 tether (USDT) from the address. According to onchain metrics, the LFG ethereum address only has 164.17 million tethers left. However, the address does hold a large sum of usd coin (USDC) as it currently has 398.95 million USDC on April 10. This means the Terra (LUNA) project has 563.12 million stablecoins on hand.
After depositing 4,130 bitcoin, the LFG bitcoin wallet now holds 39,897.98 bitcoin worth $1.7 billion, using today’s BTC exchange rates. The wallet has seen a total of 66 transactions or deposits and the wallet has not sent out any bitcoin since it was created. The first balance change occurred two months ago, according to Blockchair’s blockchain explorer statistics. Tags in this story $100 million AVAX, $3 Billion, 100 million, Avalanche, Avalanche (AVAX), Avalanche Foundation, Balance, Bitcoin, Bitcoin (BTC), BTC, BTC balance, collateral, crypto assets, do kwon, Emin Gün Sirer, Gnosis safe address, lfg, LFG’s bitcoin wallet, LUNA, Luna Foundation, luna foundation guard, public companies, reported BTC purchase, Stablecoin, Terra, terra (LUNA), Terra Blockchain, Terra"s Luna Foundation, terraform labs, Tether, UST, UST Stablecoin
What do you think about the Luna Foundation’s stash of bitcoins? 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. A New Super PAC Aims to Elect BTC Advocates and "Vote out Anti-Bitcoin Politicians Like Brad Sherman, Elizabeth Warren" NEWS | 2 hours ago EU Bans High-Value Crypto Services to Russia in New Round of Sanctions NEWS | 18 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMusk on Crypto Twitter’s ‘Most Annoying Problem,’ Bored Ape NFTs, Mt Gox Bitcoins, and More — Bitcoin.com News Week in Review Next article12 Companies Keep Close to $700 Million in Ethereum in Treasuries Show comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"
As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.Kenya Central Bank Governor: Low Smartphone Penetration Working Against Plan to Launch CBDC 19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found Bandai Namco Announces Gundam Themed Metaverse Vaneck Report Calculates Bitcoin Price Could Tap $4.8M if BTC Becomes the Global Reserve Currency