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Luna Foundation's Bitcoin Reserve Wallet Holds $1.1 Billion of BTC

The cryptocurrency community has been discussing bitcoin purchases by Luna Foundation Guard, (LFG) over the past week.

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Luna Foundation's Bitcoin Reserve Wallet Holds $1.1 Billion of BTC

Onchain data shows LFG's bitcoin account currently contains 24,954.95 bitcoin valued at $1.1 billion. LFG's Gnosis safe addresses shows that over the past four days, there have been 660.6 millions tethers sent from the foundation's wallet.

Do Kwon Confirms Bitcoin Wallet belonged to LFG

The Luna Foundation Guards bitcoin wallet held 24,954.95 BTC valued at $1.1 billion on March 26, 2022. The address has amassed a large amount of bitcoin in the past four days since Terra's founder Do Kwon hinted about the blockchain project that leverages bitcoin-linked tokenomics. Do Kwon answered a question about why Terra's founder chose bitcoin ( BTC) as a reserve asset.

Bitcoin is the only hard reserve asset proven to be a digital currency... It is extremely difficult for someone in crypto to question bitcoin.

The community noticed movement stemming form a Gnosis secure address, which is reportedly owned the LFG. The news publication Bitcoin Magazine also tweeted about LFG's bitcoin address. It said that Do Kwon, founder of Terraform Labs, confirmed via email Wednesday that the address is indeed owned by LFG.

3AC co-founder says that $125 million per day of Bitcoin is a lot for three months.

The LFG Bitcoin address has continued to accumulate BTC. Its last transaction showed that it had 493 BTC, on March 26th at 5:18 AM (UTC). The address holds 24,954.95 bitcoin valued at $1.1 billion. It has never sent any satoshis out of its wallet. Gnosis safe addresses has sent four USDT transaction totaling around $125million. The last tether send was for 160 750,000 .

According to oxt.me and bitquery.io, the bitcoin address that sent Bitcoin to LFG bitcoin addresses has been identified as a "Binance Hot Wallet." The LFG bitcoin address holds all BTC inputs. It was derived from the Binance hot wallet. The Gnosis safe address can still be purchased BTC daily with sufficient funds.

The Gnosis safe address currently holds $715.2 Million in tether ( USDT) as well as $398.23 Million in USDC. There have been many discussions in the crypto community about this purchase spree. Kyle Davies, co-founder and chairman at Three Arrows Capital (3AC), tweeted "I can tell you some of you have never executed size before." "Let me just tell you, $125mil/day [bitcoin] is a lot.


 

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