During the last week, the cryptocurrency community has been discussing the bitcoin purchases made by Luna Foundation Guard (LFG), as onchain data shows LFG’s bitcoin wallet currently holds 24,954.95 bitcoin worth $1.1 billion. LFG’s Gnosis safe address shows over the last four days, there’s been 660.6 million tethers sent out of the foundation’s wallet.
Do Kwon Confirms Bitcoin Wallet Belongs to LFG
On March 26, 2022, the Luna Foundation Guard’s bitcoin wallet holds 24,954.95 BTC worth $1.1 billion. During the last four days, the address has accumulated a massive number of bitcoin after Terra’s founder Do Kwon recently hinted at the blockchain project leveraging bitcoin-linked tokenomics. After someone asked Terra’s founder why the project decided to choose bitcoin (BTC) for a reserve asset, Do Kwon replied:
Track live crypto price of 10000+ coins!
Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.
After the statement, the community noticed movement stemming from a Gnosis safe address that is reportedly owned by the LFG. Additionally, the news publication Bitcoin Magazine tweeted about the LFG’s bitcoin address and said the foundation confirmed the address and purchases “to back its UST stablecoin.” Following the statement, on March 25, the news publication further verified the tweet in an article that said: “Terraform Labs founder Do Kwon on Wednesday confirmed via email that the address indeed belongs to LFG.”
3AC Co-Founder Says ‘Buying $125 Million a Day of Bitcoin for Three Months Is a Lot’
Since then, the LFG bitcoin address continues to accumulate BTC as the last transaction shows it obtained 493 BTC on March 26 at 5:18 a.m. (UTC). It holds 24,954.95 bitcoin worth $1.1 billion and the address has never sent a single satoshi out of the wallet. The Gnosis safe address has sent four USDT transactions worth around $125 million and the last tether send was for 160,750,000 USDT.
The bitcoin address that has been sending BTC to the LFG bitcoin address has been flagged as a “Binance hot wallet,” according to oxt.me data and bitquery.io’s money flow stats. All of the BTC inputs that are held in the LFG bitcoin address derived from the flagged Binance hot wallet. As far as the Gnosis safe address is concerned, there is still plenty of funds in the wallet to continue purchasing BTC on a daily basis.
Currently, the Gnosis safe address holds $715.2 million in tether (USDT) and $398.23 million in usd coin (USDC). The purchasing spree has further caused a lot of discussions within the crypto community. “I can tell some of you have not executed size before,” Kyle Davies, the co-founder and chairman of Three Arrows Capital (3AC) tweeted. “Let me tell you buying $125mil/day of [bitcoin] for 3 months is a lot.”
What do you think about the LFG’s stack of bitcoin reserves? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: