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.
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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.
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