Mysterious Bitcoin Wallet Accumulates Over $1,300,000,000 in BTC in Just Two Months – Is It Terra (LUNA)?


A mysterious Bitcoin wallet is accumulating more than $1.33 billion worth of BTC over the last two months, leading crypto sleuths to believe that Terra (LUNA) is the entity behind the address.

The wallet is now the 32nd-richest BTC address in the world, holding nearly 27,785 Bitcoin, according to BitInfoCharts.

Track live crypto price of 10000+ coins!


Rumors are swirling that the address belongs to the Luna Foundation Guard, a Singapore-based nonprofit which supports the ecosystem of stablecoin issuer Terra (LUNA).

Do Kwon, Terra’s founder and chief executive officer, announced earlier this month that the project plans to accumulate a staggering $10 billion worth of Bitcoin to add to its reserves.

The CEO said on Twitter last week that Terra already has $3 billion in funds ready “to seed this reserve.” Around the same time, the crypto wallet in question started to ramp up its Bitcoin purchases.

Kwon argues that Terra having $10 billion in BTC reserves “will open a new monetary era of the Bitcoin standard.”

He has also said that the BTC will “backstop short-term UST redemptions.” TerraUSD (UST) is Terra’s US-dollar value pegged stablecoin.

Related:  The Nightly Mint: Daily NFT Recap

LUNA is trading at $98.54 at time of writing, up more than 5% in the last 24 hours.

Bitcoin is trading at $47,196.69 at time of writing, up nearly 15% from where it was priced one week ago.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/diversepixel/Chuenmanuse




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: