Luna Foundation’s Bitcoin Reserve Wallet Now Holds $1.1 Billion in BTC – Bitcoin News

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 belonged 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:

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.

Following the statement, movement was noticed by the community from the Gnosis Safe Address that is owned by the LFG. Bitcoin Magazine is also a news publication. 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’

The LFG bitcoin account continues to accumulate BTC. Its last transaction on March 26th at 5:18 AM (UTC) shows that it received 493 BTC. The address holds 24954.95 bitcoin, worth approximately $1.1 billion. It has not sent any satoshis out of its wallet. Gnosis Safe Address has received four USDT transactions in the amount of $125million. Last tether sent 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. The Binance hot wallet was used to generate all the BTC inputs in the LFG bitcoin account. The Gnosis safe wallet still has enough funds to allow for daily purchases of BTC.

The Gnosis safe account currently holds $715.2 Million in USDT and $398.23 Milion in USD coin (USDC). This purchase spree has also sparked a lot discussion 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? Please comment below on your views.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been active since then. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.