Terra’s Luna Foundation Scoops up 4,130 Bitcoin Worth $176 Million – Bitcoin News

Monday, April 10, 2022 saw the acquisition of 4,130 bitcoin by Terra (LUNA), Luna Foundation Gaurd, and LFG. The total value was $176.1 millions at 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 to Support the UST Decentralized forex Reserve

Luna Foundation Gaurd, (LFG), announced that they would partner with Avalanche Foundation. They will be buying $100 million in avalanche (AVAX), through an OTC (over-the-counter) 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).

LFG bought 5,040 bitcoins (BTC) on April 6th, which brought its total bitcoin stash to 35.767.98. 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. First transaction, 1,482 BTC; second, 492 BTC; third, 1,174.99 BTC; and last, 981 BTC were sent to LFG’s bitcoin wallet. 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

The LFG bitcoin wallet had not yet seen those deposits. Before that, the Singapore Non-Profits Gnosis safe adress withdrew 183.515,000 USDT (USDT). The LFG ethereum account has just 164.17 Million tethers left, according to onchain metrics. The address holds a substantial amount of USDC (usd coin) though, as 398.95million USDC was on April 10. Terra (LUNA), a project that uses Terra (LUNA), has 563.12million stablecoins.

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. Since its creation, the wallet has received 66 transactions and deposits. It has never sent any bitcoin out. The first balance change occurred two months ago, according to Blockchair’s blockchain explorer statistics.

What do you think about the Luna Foundation’s stash of bitcoins? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,000 articles on disruptive protocols.